Stamp duty changes affect property sales, HMRC confirm
By z4027672030, Jun 2 2016 08:15AM
The number of properties sold in the UK fell by 45% between March and April this year, official figures from HM Revenue and Customs (HMRC) show.
In total, the number of properties which changed hands in April were 94,370, which was a significant drop from the record high of 164,400 transactions which occurred in March.
As we previously reported, March saw a rush of people buying properties before the higher rate of stamp duty on second homes came into effect on the 1st April.
Since these changes, second home buyers and landlords have had to pay an extra 3% on their properties, which has contributed to the lowest number of residential properties sold in the past three years.
It is still being predicted that property first registrations will continue its quarter-on-quarter rise as first time buyers are exempt from the charge, and the number of new affordable houses being built in the UK are tempting more people into making a purchase.
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