Buy a house after March 2016?

raalltheway

I am looking to buy a 2 bed flat in NW London hopefully in the next 6 months. I have just started my search but was wondering if the stamp duty rises for second home owners in April 2016 will mean lots of landlords will be buying the types of properties I am looking at.

Therefor am I best to wait until April to start looking or perhaps it may take a few further months before the market comes back down again.

Any advice would be appreciated.

marksoton

Most people who want to avoid the increase would probably already need to be in the process of purchasing. Time is fast running out for them.

I'd just keep looking. The London market is bonkers anyway.

dimbo61

You may well find that a number of middle income Landlords already paying higher rate tax at 40/45% will consider selling in 2016/2017 due to the Tax changes coming in April 2017.
The sort of person who bought a two bed flat a few years ago and did not have to sell when they meet the other half and moved in with them or bought a property together.
They face Capital gains tax 18 months after they have moved out as well as higher tax bills on the rental income.

TrixA

Market activity normally picks up in the spring, so I certainly wouldn't assume you'd get a better price if you waited. I also wouldn't assume that the market will "come back down again" in a few months. Markets are unpredictable, it's best to buy when you're ready rather than trying to predict what will happen in the coming months.