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Homeowners feeling positive about stamp duty increase

27 Apr 2016

CBX News - 27.4.16


47% of homeowners support the 3% stamp duty surcharge on a second home, according to new research.

More than twice as many people support the new change, while in comparison 18% of homeowners oppose it.

The change is perceived as supporting first time buyers and homes for living in, according to the survey by YouGov for HomeOwners Alliance.

The 3% stamp duty surcharge was introduced by the Government on 1st April 2016 and is to be paid by those buying buy-to-let properties and second homes.

While the surcharge was met by strong opposition from landlord groups, 59% of homeowners in the South West are in favour where there is a real shortage of affordable homes.

It is believed that the measure is a good way to level the playing field between those buying a home to live in and those making an investment purchase.

A number of homeowners feel that there has been a shortage of homes available for first time buyers and this will make it harder for buy-to-let investors competing to purchase similar properties.

Many believe that buy-to-let may have been leading to inflated house prices and pushing out local residents in some areas.
Some also feel that those able to afford a second home or investment property should be able to afford the higher stamp duty.

However, those who oppose the changes reflect on the unintended consequences that the surcharge could cause such as tenants now facing higher rents.

Paula Higgins, chief executive of HomeOwners Alliance, said: “The stamp duty surcharge might be bad for landlords but it will allow more young people to realise their dream of owning the roof over their head. However, we must see the money raised ploughed back into building more affordable housing.”

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