Landlords urged to make hay under as Stamp Duty Deadline looms
The Royal Institution of Chartered Surveyors (RICS) has once again urged all buyers, especially first timers, to make use of the remaining period of time under which the Government has relaxed its stamp duty regulations.
The organisation has also urged landlords, whether those of single properties or of numerous, to also follow suit in a bid to not only aid a flagging marketplace but also to take advantage of falling house prices.
RICS released the fruits of its recent labour in the form of a UK Housing Market survey earlier this month, through which it seemed that the gospel it is spreading is beginning to awash with those looking to come into the property market.
Buying figures for January of this year showed a market incline than in comparison to the latter end of 2011 with both first time buyers to experienced property laden landlords looking to cash in on the advantages on offer, regardless of their manufactured nature. With the relief on tax payable on a new purchase set to end on the 24th March, time is certainly pressing and the signs are positive for a busy climax towards the last throngs of next month.
Though there are obvious incentives at stake for residential buyers and their deposit collection, landlords up and down the land are also taking note of the fact that prices in certain areas of the country are at their most affordable for a number of years.
Surveyors in the Midlands and in Wales are reporting widespread reductions in their respective property markets, with the figures reaching over -50 in terms of net balance from the Birmingham and surrounding regional areas.
Despite the increasingly fail-safe climate under which landlords are being urged to expand, or indeed sow the seeds of, a property portfolio, RICS emphasises the nature for thorough due diligence and reason.
“There is no doubt that this suspension of stamp duty will greatly aid not only landlords but will also have a positive spin off effect on other industries because of the short term boom – namely that of insurance and equipment providers,” commented one season RICS campaigner.
“However, the financial state of the country as a whole remains precarious and landlords should be mindful of that fact. A key concern associated with that is the amount of, or lack of perhaps, mortgage providers and I suppose you cannot blame them considering what they have been through.
“Large parts of the country are producing cheaper buying destinations than in recent times, and we’d urge people to make full use of that but don’t be fooled – short term wealth does not always lead to long term prosperity.”
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