Mullis & Peake LLP Solicitors
Open menu
Call us on 01708 784000
  • facebook
  • twitter
  • linkedin
  • youtube
  • google+
  • Our Firm
    • About Us
      • Our Accreditations
    • Our History
    • Our Values
      • Our Client Charter
      • Our Client Survey
    • Our Testimonials
      • Commercial Team
      • Dispute Resolution Team
      • Private Client Team
      • Residential Property Team
    • Work For Us
  • Our People
  • Our Services
    • Services For Business
      • Company & Commercial
      • Commercial Disputes
      • Commercial Property
      • Employment Advice
      • Mergers & Acquisitions
      • Industry Expertise
        • Betting & Gaming
        • Healthcare
        • Industry
        • Leisure & Hospitality
    • Services For Individuals
      • Contested Wills & Financial Provision
      • Court of Protection
      • Employment Advice
      • Family & Divorce Law
      • Family Mediation
      • Lease Extensions & Enfranchisement Claims
      • Legal Disputes
      • Personal Injury
        • Personal Injury Claim Form
      • Residential Property
        • Sales Estimate Form
        • Sale/Purchase Estimate Form
        • Purchase Estimate Form
      • Wills & Power of Attorney
        • Will Quotation Form
      • Trusts & Probate
  • News & Events
    • Our News
    • Legal News
    • Our Events & Seminars
  • Contact Us
    • Find Us
      • Romford Office
      • Shenfield Office
    • Stay Informed
Open
Filter
04 March 2016

March madness

  • Category:
    • Residential Property
  •  
  • Share:
    • Facebook
    • Twitter
    • Linkedin
    • Google Plus
04 March 2016

March madness

In the Autumn Statement last year, the Government announced changes to the Stamp Duty Land Tax regime for investors.  This change will come into effect on the 1 April 2016 meaning that there is currently a surge of investors trying to complete before the end of this month.  In January, the Government launched a consultation on the proposed changes, and the final rules will be announced at the budget on the 16 March 2016.  We expect a chaotic month, particularly following on from the more detailed announcement as to the meaning, impact and application of the rules, later this month.

The property market got off to a flying start for the year; research suggests that the number of property sales in January increased by 9.7% as compared to last year. This year on year increase can be attributed, in part at least, to a spike in purchases by investors looking to escape the rise in stamp duty looming next month.

This ‘spike’ is likely to continue until the end of this month and will provide a short term boost for a matter of weeks.  However, it is very unlikely that the market will sustain this level of activity and it is very likely that the  number of sales will diminish, in the short term at least, from April.  It seems as though demand will continue to outstrip supply meaning that the commitment to building new homes will become ever more critical.

The budget takes place on the 16 March 2016 – all we can say is watch this space!

PTAIT_20150514_0357

Roger Clark

View Profile

Expert Commentary

Roger Clark, Associate, said:-

“We act for a number of investors and there is real urgency to complete all matters ahead of the March deadline.  The deadline comes shortly after the four day Easter break which could not have come at a worse time for all involved.  The inherent difficulty with the current state of play is the ‘unknown’ and the fact that we are assuming that all investor clients will be affected by the proposed changes.  It may be that they are not affected, but we will not know until very late in the day and we will have to be quick to absorb and digest the new rules.  We go the extra mile for all of our clients and do everything we can to accede to their requirements regarding timing.  However, if we have not started your transaction by now, we cannot give any guarantees as to completion before the 1st April 2016”.

« BACK

« BACK

Categories

  • Movers & Shakers
  • Charity & Fundraising
  • Awards & Innovation
  • Residential Property
  • Commercial Property
  • Family Mediation
  • Family & Divorce Law
  • Other

News Archive

  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • Older
easter thumbnail
Shenfield Chick Hunt
Mullis & Peake LLP were delighted to support the Shenfield ...
Read more
Mullis & Peake LLP Solicitors @Mullis_PeakeLLP@Mullis_PeakeLLP
Our Romford OfficeRomford Office
8 - 10 Eastern RoadRomford, Essex, RM1 3PJ

T:
01708 784000
DX:
138126 Romford 4
E:
office@mplaw.co.uk
Our Shenfield OfficeShenfield Office
194 Hutton Road, Shenfield, Essex, CM15 8NR

T: 01277 245015

DX: 32907 Shenfield

  • Team_of_the_Year
  • image description
  • image description
  • Acceditation_Marque_ISO_9001_Colour[2]

© Mullis & Peake LLP 2015 - all rights reserved

Website by Itineris

  • Accessibility
  • Disclaimer
  • Legal & Privacy
  • Terms of Business
  • Regulatory
  • Cookie Policy