GB Olympian and avid property investor, Steve Backley OBE, speaks up regarding Stamp Duty, just in time for tomorrow’s Autumn Statement (23.11.16) and particularly in relation to professional property investors.
Backley, who has a passion for property, specialising in HMO’s (Houses in Multiple Occupation) and through his joint brand with Legacy Education Alliance, Inc. (LEA) and Roger Black MBE, Perform in Property, is urging investors and home owners alike not to panic re this week’s news agendas and possible changes in Stamp Duty, that may or may not take effect after next week’s Autumn Statement from The Chancellor.
According to Backley:-
“To the seasoned property investor, fearmongering and apportioning blame on Stamp Duty for slowing second hand transactions in London and the SE (as an example, and, as suggested in a recent report by The Berkeley Group), is somewhat by the by and slightly irrelevant if you devise a flexible approach to investing.
“One might be so bold as to add that measures by central government to control house prices are clumsy at best and relatively ineffective. The flexibility and fluidity in a landlord’s approach will always factor in ‘contingency’ costs as part of their everyday business practice. It’s a no brainer,”
Whilst some commentators envisage that The Chancellor will announce a shift in responsibility from buyer to seller when it comes to Stamp Duty costs, in real terms, all this may do is create a false inflation in property valuations, particularly in the most affected areas such as London and the South East. Shifting policy from one Statement to the next doesn’t change the bottom-line housing problems that we face in the UK.
Regardless of whether you are a First Time Buyer, full-time investor or a homeowner seeking to downsize, any changes in policy announced next week do not need to negatively impact upon your housing ambitions. With the right education and ‘upskills’ as Steve Backley so aptly refers to, the macro backdrop is simply a point of reference rather than a mainstay to live by.
Steve Backley OBE is co-founder of Perform in Property professional property training, together with fellow GB Olympian Roger Black MBE and industry leaders, Legacy Education Alliance, Inc.
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