Newspaper article The Journal (Newcastle, England)

Housing Market Set to Cool

Newspaper article The Journal (Newcastle, England)

Housing Market Set to Cool

Article excerpt

THE housing market is set for a cool-down over the next few months following a rush to snap up buy-to-let properties, according to predictions from the Royal Institution of Chartered Surveyors (Rics).

From April 1, buy-to-let investors will pay three percentage points above current stamp duty rates and Rics said surveyors are expecting to see a drop-off in sales of investment properties as the deadline for the hike approaches and investors no longer have time to complete sales before April 1. Its chief economist, Simon Rubinsohn, said: "It is inevitable that over the coming months, April's stamp duty changes will take a little of the heat out of the investor market."

He said despite the expected slow-down in the coming months, long-term expectations for house prices remained "strong" - with property values generally expected to increase by 25 per cent over the next five years.

The survey showed house prices continued to increase in February.

East Anglia continued to show the sharpest price increases, with 91 per cent of surveyors there reporting rising prices. …

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