Dominus

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Higher Stamp Duty Consultation

The Government has published its consultation paper on the higher rates of Stamp Duty for second homes. The deadline for responses is February 1st.

Key points

  • If you own more than one property at the end of the day of the purchase and the property costs above £40k an additional 3% stamp duty will apply for all purchases that do not ‘replace your main residence’
  • There are few exceptions – commercial property, large scale investments (tbc but 15+ properties purchased together),
  • To close a possible loop-hole the first purchase of a residential property by a company will be subject to the higher rates

View the full consultation here

Recognition for the North

The North starts to get the recognition it deserves in term of high yielding rental properties with the Telegraph reporting ‘To earn income from property you’ll need to head north’. The article maps typical gross yields based on the typical annual rents and typical asking prices and shows yields of 8% plus for Manchester, Sheffield, Bradford and a number of other Northern cities as opposed to yields of around 2 in the South East   (http://www.telegraph.co.uk/finance/personalfinance/investing/buy-to-let/11124440/Buy-to-let-map-to-earn-income-from-property-youll-need-to-head-north.html

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