1st April 2016 was a big day in property. It was the day that a 3% stamp duty additional surcharge started to be applied to people buying properties that were not their primary residence. Before that date a buyer purchasing at (for example) £120,000 would pay no stamp duty whether they were buying their own property or an additional property. Since 1st April buy to let, holiday home buyers etc would have to pay £3600 tax at £120,000.
This caused a huge rush to purchase investment properties pre 1st April and as expected a drop off in the months since.
However, through September we have seen an increase in buy to let investors, especially purchasing through our Great Yarmouth office.
The real boom in buy to let may now be behind us especially when you consider the changes in mortgage interest tax relief being phased in. However, many people will continue to look at property as an investment and the Great Yarmouth, Gorleston and Lowestoft areas will offer great opportunities.