Twitter Facebook RSS FEEDS

Stamp duty reform 'a boost for portfolios'

Thursday, 24 March 2011 10:36 AM

Reforms to stamp duty announced in yesterday's Budget speech have been welcomed by professional property organisations.

Chancellor of the exchequer George Osborne revealed a change in the way stamp duty will be calculated for people buying more than one home at a time.

The tax will now be based on the average cost of the homes (rather than being calculated separately for each), which could help to balance the amount paid for portfolios with properties of different sizes.

Ian Fletcher, director of policy at the British Property Federation, said the change is impressive – and follows a lengthy campaign for reform from the federation itself.

He added: "It will provide an important boost for the private rented sector and, we hope, will tip the balance in encouraging institutional funds into building homes."

The National Landlords Association was similarly pleased with the new rules, which it said will "reduce the barriers" currently faced when investing in property.

As well as helping landlords to buy more properties, the association added that this will have a positive knock-on effect, as more privately rented homes should come on to the market as a result.

With growing demand for this and a history of landlords feeling unfairly treated by the stamp duty regime, chairman David Salusbury praised the government for listening to the industry's concerns on the issue.

Want to be the first to know when we break a story? Follow @AboutProperty on Twitter.
 

Related stories

Chancellor of the exchequer George Osborne

2011 Budget helps FTBs, homeowners and landlords

What impact will the 2011 Budget have on UK housing? We look at the help for owners, renters and first-time buyers.

 Belfast city centre from above

Rent increase in Belfast may only be short-term

Rents in the Northern Irish capital are up 4.2 per cent on last year – but with legislative changes due in October, this may not last.
George Osborne will announce the budget on Wednesday 21 March. Image:Allstar

Stamp duty clampdown on chancellor's budget hit list

Chancellor George Osborne pledges aggressive action against tax avoidance by super-rich on Wednesday.

 Mark Pollack is a director at London estate agency Aston Chase.

Stamp duty comment: Chaos, panic and cash cows

Mark Pollack, director of a London estate agency, tells us why he thinks the government's stamp duty changes have caused "chaos".
For sale signs outside properties

Review: guidance seminar for buy-to-let investors

From buying to evicting, becoming a successful landlord is complex. We check out a seminar that guides investors through the process.

 The budget is something of a victory for Nick Clegg's Liberal Democrats. Pic:Getty Images

Budget 2012: Stamp duty rise for top end property

George Osborne today announced a rise in stamp duty for the wealthiest property owners and a crackdown on stamp duty avoidance.
Property with 'to let' sign

Beginners' guide to buy-to-let investment

Considering purchasing a buy-to-let property? Our comprehensive guide tells you everything you'll need to know before taking the plunge.

 £6bn is lots and lots and lots of these.

Treasury warned on £6bn stamp duty shortfall

Over-optimistic forecasts of housing market transactions could mean tax take will be £5.9bn lower than Treasury expects, says Savills.
Students chatting and working at home

Student accommodation is best investment option

Gap between supply and demand drives up rents and investment returns for university bed spaces.

 Landlords in the North West were especially active say ARLA.

Landlords set to slow property trading in 2012

More buying and selling of rented homes at the end of 2011 but active landlords set to sit tight this year, says ARLA.

Search property

Headlines

Directory

Alaris

Alaris Logo
Alaris specialise in quality Bathrooms and Kitchens along with many other unique products for your home. The range of kitchens, kitchen worktops and bathrooms is extensive and the highest quality so you are sure to find what you want. New bathroom furniture, bathroom suites, taps, showers and cabinets are added regularly.

Bathrooms365

Bathrooms365 Logo
Bathroom365 supply all areas of your new bathroom - leading-edge designed bathroom suites, stylish bathroom taps and showers, all styles and forms of shower enclosures and a vast collection of bathroom furniture.

Fitmykitchen

Fitmykitchen Logo
Fitmykitchen are specialist suppliers of kitchen appliances, sink taps, waste bins and furniture. So whatever you want from kitchen sink taps to waste bins look no further than fitmykitchen, UK, the specialist suppliers of kitchen appliances, stainless steel sink taps, waste bins and kitchen furniture.

MyStampDuty

MyStampDuty Logo
We help people buying property all over the UK to minimise Stamp Duty Land Tax on residential and commercial property. If you are looking at purchasing a new home or business premises over £500,000, contact us today by completing the form on the right

Oak Furniture Land

Oak Furniture Land Logo
For hardwood furniture, including Solid Oak, Mango, Mahogany, Sheesham, Acacia, Ash and Birch, look no further than Oak Furniture Land.

Rated People

Rated People Logo
Whatever type of home improvement or garden remodelling project you have, Rated People can help you to identify the right tradesmen for the job in a way that is quick, easy, convenient and, as it is based on real-life recommendations, trustworthy.

Residential Land

Residential Land Logo
If you are looking for short or long term rentals in Central London, Residential Land have a portfolio of over 1200 flats and houses in the best postcodes across the Capital.

Simply Bedrooms

Simply Bedrooms Logo
Simply Bedrooms, a part of Sleepwell Bedrooms Ltd, supplying quality beds, wardrobes, sliding door wardrobes and bedroom furniture at low prices and great service, London and Home Counties Specialists.

Door Handles UK

Door Handles UK Logo
Door Handles UK is the UK's largest online range of Door Handle accessories, Door Hinges, Locks and Latches and so much more and all at genuine internet prices. We have a wide range of Chrome, Brass and Glass Crystal Mortice door knobs in both traditional and contemporary designs, whatever your taste and budget you will find a design to suit.

Woodlands Furniture

Woodlands Furniture Logo
We are an established family business situated in rural Herefordshire specialising in beautiful handcrafted classic reproduction furniture. Our comprehensive ranges are readily available from stock.

WowBBQ

WowBBQ Logo
Welcome to the World of Weber. We are the largest independent online Weber BBQ retailer in the United Kingdom. WOWbbq.co.uk is a Weber Partner Store and can give you the best advice for all your Weber BBQ needs.

Join our directory aboutproperty.co.uk

Twitter

Join the conversation at #aboutproperty

Directory articles

A guide to finding the right kitchen sink

When redesigning a kitchen or giving the room a makeover, it is important not to forget about the less obvious aspects of the space. Kitchen sinks are an essential fitting, but often overlooked, despite the fact there is a wide choice of styles available.

Useful tips to help find a flat in London

Looking for flats in London can be a frustrating process, given the capital's size, demand for rental accommodation and varying prices. It is vital, therefore, that you do plenty of research and act quickly to ensure you get the place that you want.

What do you need to consider when buying a mattress?

If you looking for a new mattress, you need to get the decision right, as getting it wrong could impact on your overall health and wellbeing. As well as comfort and size, you also need to consider other points, such as any health issues you may have.