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PRESS ARTICLE: Will student property demand get a boost from new stamp duty rules?

According to recent findings from the Mistoria Group, North West investor demand in student property will get a boost from the new changes in stamp duty as the savings on a typical HMO will be £1,050.

Under the old rules, buyers would have to pay a single rate of tax on the entire property price.  So for example, if an investor bought a property for £185,000, they would have to pay 1% tax on the full amount – a total of £1,850.

However, the new rules suggest that investors will only have to pay the rate of tax on the part of the property price, within each band like income tax. For example on a property valued at £185,000 investors will pay nothing for the first £125k and only 2% on the remaining £60k.

This works out at a saving of £650.

Mish Liyanage, Managing Director of The Mistoria Group explains: “The new rules kick in on 4 December 2014, but investors who have already exchanged on a property, will have a choice about whether to use the new or old rules.  However, if investors completed on their purchase on or before the 3 December, but have not filed their stamp duty return, they will still have to pay their stamp duty under the old rules.

The change to stamp duty is great news for investors considering student property in the North West, as there are big savings for HMOs to the value of £250,000.  In the North West, the average four bed HMO will cost £140,000, so the savings could be over £1,000.”

This article first appeared on The Property Reporter on 5th December 2014. 

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Merry Christmas from Mistoria Estate Agents!

The term is coming to a close. It’s time to finish off half-written coursework, pack up your dirty laundry and travel home for the Christmas holidays – at last!

To those currently living in a Mistoria student house, we hope you’ve had a pleasant first term and are enjoying your stay in our property.  Make sure everything is locked up while you’re away, and be sure to check out our tips for keeping your student house safe over the Christmas holiday.  We look forward to seeing you again after your much deserved break!

We’d also like to extend a big thank you to those who have recently put down a deposit for a student house with us for the next academic year – have a happy new year and we’ll see you in 2014.  If you’re still looking for next year’s digs, why not check out our available properties and give us a call on 0800 500 3015 – we’d love to have you with us next Christmas!

On behalf of everyone at Mistoria Estate Agents, we wish you a very Merry Christmas and a Happy New Year – eat, drink and be merry! See you next year.

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