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Increase in Auction Sales of Houses

Sue Woodall, Director and Head of Astle Paterson’s Conveyancing Department discusses the affect the news that Stamp Duty may increase for investors from April has had on the property market.

Following on from her article Stamp Duty rises due for Buy-to-Let Investors, Sue said, “There has been a significant increase in the property market recently in light of the proposed forthcoming tax changes.

Auction houses across the country have reported huge increases in properties being placed on the market through them.

This rush appears to have been driven both by potential investors’ eagerness to purchase property prior to the proposed Stamp Duty increase for buy-to-let properties which looks set to commence in early April 2016, but also by people selling off their existing investments prior to the Capital Gains Tax changes due to come in on the same date.”

Sue continued “A word of caution to potential purchasers at auctions however; when purchasing a property at auction, be aware that the agreement to purchase the property is legally binding when the hammer falls and there is usually a tight time-limit to complete the transaction which can be difficult to meet when the purchase is dependent on the sale of an existing property or a mortgage.”

If you wish to purchase a property, either as an investment or if you are moving home, Astle Paterson are Conveyancing Quality Scheme accredited and can advise and assist you through all aspects of your property transaction. 

Please contact our conveyancing department on 01283 531366 or by email at conveyancing@astlepaterson.co.uk to discuss matters further.

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