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Buy-to-let landlords have welcomed Chancellor Alistair Darling's move in the Budget to reduce Capital Gains Tax to a flat rate of 18%.
But claims by Pricewaterhouse Cooper that there will be a rush to sell property when the reduced rate comes into effect have been dismissed as ‘unlikely’ by The Money Centre, a buy-to-let broker.
Lynsey Sweales, spokesperson for The Money Centre, said: “Our research among buy-to-let landlords shows that the majority regard their investment as a medium to long-term strategy. More than a fifth of those interviewed anticipated holding on to their properties for between 11 and 20 years with a further 19% intending to stay in the market for anything from six to 10 years.
“Only 13 per cent of landlords said they were likely to sell any letting property in this current quarter and so, while the reduced Capital Gains Tax rate will definitely benefit investors eventually, I think a rush to cash in come next month is unlikely given most landlord are committed to a longer-term strategy.”
The truth about house prices
We are constantly bombarded with, often conflicting, information regarding house prices. Paula John provides a round-up of the major indices, explaining why they differ.
The July/Aug issue of Your Mortgage is on sale now. In it we explain who now owns which UK banks and building societies; the ins and outs of interest-only mortgages, who they are appropriate for and the options for paying them off; we explain how offset mortgages work and how you could use one to make the most of your money, and why buying property overseas right now could be a smart move – if you look in the right place and arrange the right finance. Get your copy for the latest news, information and help.
The Your Mortgage Awards aim to reward those lenders that have excelled in providing innovative and competitive products. Widely regarded as the UK's definitive consumer mortgage awards, the Your Mortgage Awards have now been running for 20 years.





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