Black Brick buying agents Rupert Stephenson, of the West Country branch, and Anna Sharp, of the Cornwall Branch, spoke with David Byers for a new piece in The Times this week that reflects on how expectated tax rises in the Autumn Budget are causing chaos in the property market.
“Some holiday homes that have been in the same family for generations are now coming up for sale as people not only worry about CGT but also have been affected by the change in holiday let tax relief and landlord relief that was imposed by the last government.” Rupert said, including “a number of prime estates, farms, and coastal properties”, particularly around Exeter and Salcombe in Devon, ranging between £4 million and £10 million.
Meanwhile just up the road, Anna shared that as international travel has increased, UK holiday bookings are down by around 37% in Cornwall. Combined with soaring mortgage rates, this trend has majorly impacted investors’ pockets. “For many, it is no longer a viable business transaction, with the yields simply not adding up,” she said.
Read the full article here.