From April 2021 the government will impose a 2% surcharge for non-UK buyers.
While many buyers and property professionals will no doubt be disappointed by the news, this change is expected to strengthen current market activity before the charge comes into force next year. A rise in purchases will be seen from all over the world, so if you are planning to invest in luxury UK property now is your chance to do so.
Foreign buyers make up a big percentage of property contribution, but their investments are concentrated on purchasing flats in the centre of London. The supply of new properties will see some decline as overseas investment is expected to fall.
Over the last couple of years first time buyers have been exempt from paying stamp duty on a home costing £300,000 or less. With a home costing up to £500,000 they pay no duty on the first £300,000 and five percent on the rest.
However, from next year all non-UK residents who buy a residential property in England and Northern Ireland will have to pay a 2% surcharge on top of any stamp duty already chargeable on their purchase. To ensure you’re investing your money wisely, plan and secure yourself a British property before you run out of time.
Pink Mews offers stunning luxury properties situated in the heart of Holborn and is on the doorstep of some of London’s top universities like LSE and University of the Arts London, as well as global law firms such as Slaughter & May and Goldman Sachs. It makes the perfect pieds-à-terre for busy professionals or a home-away-from-home for those studying abroad. This 19th century neo-gothic mews has an exquisite design standard and all the expected perks that come with luxury homes, like a 24hr concierge service. It’s rare to see a mews listed on the market; their unique architectural features and appealing aesthetic, as well as the site’s colorful heritage, will be sure to amaze you.