The news that house prices rose last month ahead of the SDLT rise for second homes may not come as a surprise to most of you.
Commercial Property lawyers are still coming to terms with the new regime for our sector of the market. Badged by the Govt as "fairer" that will remain to be seen. Politicians may be too busy with their own tax affairs at the moment to pay any attention to us. It is to be hoped that they can keep their hands off the tax laws for a few months now to let us get used to the new rules.
The average price of a house in the UK has jumped 10.1 per cent over the year to March, the fastest house price growth since July 2014, according to Halifax house price index. The major mortgage lender recorded an average house price of £214,811 in March, up 2.6 per cent from the month before. House prices in the three months to March, which is a better indicator of growth than the volatile monthly figures, showed price growth of 2.9 per cent compared with the final quarter of 2015. Analysts attributed the double-digit growth to investors rushing to complete the purchase on second homes and buy-to-let properties before the extra stamp duty surcharge came into effect at the start of April. This demand is thought to have pushed up prices.