The death of the buy to let market! With George Osborne’s announcement of rising stamp duty this coming April by 3 percent on buy-to-let homes, the property industry is now in uproar. People view this as another assault on buy-to-let landlords by further taxing their profits. It is the second time that landlords have been hit in the last six months since Osborne got rid of the relief on mortgage interest payments during his pre-election budget.
Is the property bubble about to burst!?! Are you ready? According to The Times only 40% of today’s 25-34 year olds are London home owners in comparison to the massive 70% in 1991. As a woman in this age bracket it is increasingly infuriating trying to buy in South West London; I am born and bred from the Richmond Borough and would love nothing more than to own a home within my area. The Times says the average Londoner would need to triple their salary to £87,000 to buy an AVERAGE priced property in London! With the current sales market I am unsure my dream of buying in SW will come true! We are all aware the property prices are continually increasing in London, CBRE forecast suggests over the next 5 years the average house price will rise by 30%! They say this is due to the rising economy as well as a strong desire to invest / live in London. The Business insider also suggests the combination of rising property values and over-construction are affecting the London sales market.
