The sell home quickly industry encompasses local and international investors who buy property throughout the UK. These companies and individuals play an important part in the market because they enable sellers to sell their properties in a swift and efficient manner. However, due to recent tax changes, things could be changing.
As of April 2016, anyone buying a second home for personal use or investment purposes is subject to a 3% This tax means that buyers will have to pay an additional 3% charge. The reason for the tax is to deter foreign buyers and investors inflating property prices, thus preventing first-time buyers from getting onto the property market.
There have been mixed reactions to the new tax. These reactions have ranged from joyous first-time buyers to concern from the sell home quickly industry. First-time buyers are happy because they think the new tax will help them get onto the property market. On the other hand, members of the sell home quickly industry are concerned about what effect the tax will have on them.
Property professionals have speculated about the effect the new tax will have on the property market. Some of these professionals have stated that because the tax may inhibit investors, the result will be stagnation or decrease in the property market. However, there are additional opinions stating that property values may increase as a result of first-time buyers being drawn to the market.
There are several trains of thought regarding the Land and Building Transaction Tax. However, the only way to know what will happen is to watch the property prices and buying patterns after April 2016.
The sell home quickly industry is a required niche within the property market, and regardless of the effects of the April 2016 tax increase, it will remain a required industry.
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