If you’re considering buying a second property, you may be aware that the government recently introduced new stamp duty rates, but how will they affect you and your new purchase?

As part of the government’s plan to help first-time buyers to get a foot on the property ladder, in April this year they introduced new higher rates of Stamp Duty Land Tax for anyone buying an additional residential property, including second homes and buy-to-lets.

Anyone buying an additional property for more than £40,000 will be required to pay an additional three percent in Stamp Duty Land Tax. This could include a holiday home, a buy-to-let investment property, or even a home that you intend to use as your main residence in the future. It also applies to any ‘share’ in a property if that share is worth more than £40,000, so don’t think you can escape the new rates because you only own part of a property. It also includes international properties, so if you own a holiday home in Spain and want to buy your first home in the UK, you’ll be stung by the Stamp Duty hike as officially your main residence is an ‘additional’ property.

So, what are your options? If you’re keen to avoid the Stamp Duty Land Tax hikes, you might want to try one of these solutions:

Buy land and build your own

Stamp Duty Land Tax, and the new higher rates, only apply when you’re buying a residential property. Buying a plot of land, even if you intend to build a residential property on it, is not counted as buying a residential property, and therefore Stamp Duty is not payable.

There are some stipulations when it comes to buying an ‘off-plan’ property (ie. where the purchase contract provides for a residential property being built), so it’s important to gain independent legal advice, but choosing to ‘built it yourself’ is definitely one option to avoid the extra Stamp Duty costs.

Buy a holiday lodge

If you’re looking for a second home to use as a holiday property, either for personal use or as a buy-to-let investment, holiday lodges can be a great option as they are completely exempt from Stamp Duty Land Tax.

Forget the run-down caravanning holidays your parents took you on as a child, the UK holiday lodge market has had a makeover and the new buzzword is ‘luxury’.

Because you buy the lodge, but not the land the lodge sits on, there is no Stamp Duty payable. What’s more, UK holiday lodges have fantastic holiday let potential. According to a national newspaper, 72 percent of Brits chose to stay in the UK for their holidays last year. With a weakening pound and recent global events, this statistic only looks set to increase in the next few years. The financials look good too, with many holiday lodge management companies are now offering an annual return of six to eight percent, which traditional savings and investment products simply can’t compete with.

If you’re interested in buying a UK holiday lodge, Quick Move Properties provide a Park, Plot & Home Finder service that can manage the whole process for you; making your purchase quick, smooth and hassle-free. Using almost 20 years of expertise and experience, Quick Move Properties can help you find the right holiday lodge, in your ideal location. For more information contact Quick Move Properties’ friendly team today on: 01793 840917

If Brexit has got you feeling nervous about buying a holiday home abroad, or the drop in interest rates have started you thinking about alternative places to invest your money, a UK holiday home could be the perfect solution. We’ve put together our top ten British holiday hotspots for your consideration.

Dorset: More accessible than its popular neighbour, Cornwall, for most people, Dorset can be reached via several main motorway routes and is just a 2 hour train ride from central London. The area has seen a significant spike in popularity after its breath-taking views features heavily in television’s Broadchurch, Wolf Hall and Harbour Lives. Popular draws to the area include the World Heritage Jurassic Coast and the areas stunning beaches.

Cornwall: Cornwall is the UK’s no.1 holiday destination, which means it offers huge potential, both as a the location for a holiday home for personal use and as a business investment. Iconic areas include the Padstow, Rock and St Ives, but if your budget wont stretch quite that far, Bodmin, Camborne, Falmouth and Redruth offer more affordable alternatives that are still popular destinations.

Suffolk: The Suffolk coast may not be your first thought when it comes to UK holiday destinations, but it has a lot to offer with less crowding that some of the south coast resorts. Aldeburgh, Felixstowe, Halesworth and Saxmundham are all popular destinations. The Suffolk Coast & Heaths Areas of Outstanding Natural Beauty offers 155 miles of unspoilt landscapes that all ages will enjoy, and the area’s pretty towns and villages also offer somewhat of a hub for the arts, with a busy musical and theatrical programme of events throughout the year.

Kent: Kent’s 350 miles of coastline offer sunny beaches, an exciting array of watersports and the most famous white cliffs in the world. The area boasts 11 Blue Flag beaches and an increasing number of impressive eateries, with several top chefs being drawn to the coastline.

Essex: Offering the longest shoreline of any county in England, Essex’s coast features saltmarshes, tidal inlets, estuary islands and breath-taking natural habitats. The area’s rich maritime history, award-winning beaches and traditional piers make Essex a great option for anyone considering buying a UK holiday home.

Hampshire: With the impressive Solent coastline, country parks and beautiful nature reserves, Hampshire has something to offer everyone. The area’s stunning beaches are obviously a big draw to the area (and feature in the Good Beach Guide), but Hampshire has so much more to offer, including Hurst Castle, offering dramatic views of the Solent, Fort Nelson, overlooking Portsmouth Harbour and Portchester Castle, and Chichester Harbour, an Area of Outstanding Natural Beauty.

Somerset: Weston-super-Mare, Burnham, Brean and Minehead are all popular beach resorts in Somerset, but the area also has a number of pretty harbour villages and great marinas, including Portishead, Watchet and Porlock Weir. Somerset features 3 Areas of Outstanding Natural Beauty and Exmoor National Park, so there’s no shortage of beautiful backdrops for your holiday.

Isle of Wight: Named the Dinosaur Capital of Great Britain, the Isle of Wight is a great holiday destination with anyone with an interest in history (or anyone keen to go dinosaur hunting!). The island offers guided fossil walks that are popular with tourists and complement the area’s other dinosaur-themed activities. The island is set up as the perfect holiday destination, and features the highest number of award-winning beaches in England. Visitors can take a ride on the famous Needles chair lift, enjoy watching craftsmen making a variety of beautiful pieces at Alum Bay Glass’s glass blowing centre, and if they have a sweet tooth they can even visit the IW Sweet Factory and sample sweets that are not available anywhere else. Other key attractions include the Isle of Wight Zoo, Robin Hill Adventure Park & Gardens, and the island’s steam railway. The island’s beautiful natural scenery offers the perfect backdrop for watersports and other outdoor activities, and was recently named as one of Lonely Planet’s “Top 10 Cycling Destinations in the World”.

Scarborough: As Britain’s oldest seaside resort, Scarborough offers award winning sandy beaches, dramatic cliffs and a historic harbour. Its beaches range from the popular and busy South Bay Beach and North Bay Beach – Scarborough’s Blue Flag beach, to hidden gems like Cornelian Bay. The area has a rich fishing history, which is still present at the harbour, though it has declined in recent years, and is the east coast’s most popular surfing hotspot. Scarborough is a fantastic option for those looking for a holiday destination further north.

Wales: Home to 3 National Parks (Snowdonia, Pemborkeshire and the Brecon Beacons) and 5 Areas of Outstanding Natural Beauty, Wales offers some stunning scenery for a UK holiday. You’ll also find a wide range of festivals throughout the year that attract large audiences, including the Festival of Literature at Hay, the Green Man Festival, Wakestock and Laugharne, as well as the traditional Eisteddfods celebrating all things Welsh. Areas that are particularly popular as holiday home destinations include Gower, Pembrokeshire, Anglesey and Llandudno.

If you’re considering purchasing a UK holiday home and have an existing property to sell, Quick Move Properties part exchange service could help make your move smooth, simple and stress-free. For more information about how Quick Move Properties could help you, call now on: 01793 840917 or email px@quickmoveproperties.co.uk

According to a report released by the Department for Communities and Local Government (DCLG), the number of older homeowners – those aged 65-plus – is likely to grow by 155,000 per year.  The report also predicted that older people will account for 74 per cent of total household growth up to 2039.

It has been widely reported for some time now that Britain is seeing a rapid growth in its older population and that the housing market is struggling to adequately cater for their needs.

Recent research has suggested that around one third of homeowners over the age of 55 would like to downsize but a lack of suitable properties and the cost of moving put them off.

There are many benefits to downsizing, which homeowners are keenly aware of.  Many commentators assume that the main motivation for downsizing will be the release of equity tied up in the property, but this seems not to be the case. In a recent YouGov survey, would-be downsizers revealed their motivation for downsizing:

Reason for downsizing

The most common reason for wanting to downsize was the desire to reduce the amount of property maintenance and upkeep required.  This was followed by wanting to reduce the cost of bills, wanting to move to a smaller property after the children have left home and health reasons.  A desire to release the money tied up in their property came in at number five, followed by wanting to move to a smaller property after the death of a partner or family member.

Of those that do release a significant amount of equity upon downsizing, few are squandering the money on frivolities.  The number one use of equity released by downsizing is to bolster savings, followed closely by using the cash to boost an existing pension.  The third most popular use of released finance is to pay for the cost of day-to-day living, with fourth being to gift the money to family members.  Reducing any residual debt and big ticket items such as new cars and nice holidays come right at the bottom of the list.

How homeowners spend released equity

Quick Move Properties’ sales director Patrick Chamber commented: “The UK property industry needs to get much better at providing for housing needs right across the spectrum of property owners.  The benefits of downsizing are clear and there is certainly plenty of demand from homeowners.  There has been significant investment at the lower end of the market in recent years, with Help to Buy and shared equity schemes, but more needs to be done to provide for those at the other end of the market, providing attractive and desirable smaller properties.  Older homeowners, like every other would-be homeowner, don’t want to move because they feel they have to, they want to move because they fall in love with a property that meets their needs.  Downsizing should not feel like downgrading.”

If you like the idea of downsizing, but the hassle of selling your property on the open market is putting you off, Quick Move Properties’ Part Exchange and Assisted Move services could make your move quick, easy and completely hassle-free.  For more information about how Quick Move Properties could help you, contact their friendly, professional team on: 01793 840917 or email px@quickmoveproperties.co.uk

Many in the UK are still in shock at the outcome of last week’s EU referendum. Even those fervently campaigning to leave the EU were taken by surprise when the results started coming in. Now that the dust is starting to settle and the reality of the situation is beginning to sink in, we’re looking ahead to what the unexpected results could mean for the UK leisure home industry.

Experts seem to be in agreement that there are many ways in which the vote to leave is likely to make life in the UK more challenging, certainly in the short term. The pound has already weakened considerably, and there are growing fears of rises in unemployment and the cost of fuel and goods. But, it seems Brexit could provide new opportunities for the UK leisure home industry.

UK ‘staycations’ have already seen a rise in popularity in recent years – according to a national newspaper 72 per cent of British holidaymakers chose to stay in the UK in 2015. With the weakening of the pound and the resulting damage to exchange rates, UK holidays have become an even more attractive prospect, both for UK residents and our European neighbours. This offers leisure home owners, who run holiday lets, a great opportunity to grow their business and reach a new market.

With this in mind, the purchase of a UK leisure home is also likely to be an increasingly attractive prospect, both as an investment and for personal use. This could be great news for leisure home manufacturers and leisure park operators.

Ultimately, the times ahead are largely unknown and it is difficult for anyone to make certain statements about what lies ahead, but now that we know the outcome of the referendum it is up to us, as an industry to look for opportunities among the challenges.