WHY DOUBLE RENTING IS THE NORM
Many people moving to the countryside are “double renting”. This means they let their home in the city and rent another in a rural location. They hope to sell their homes in London when the market revives.
There are also double renters living in areas where property prices and therefore stamp duty costs are high. In these locations some up-sizers are renting because they can’t afford the costs that come with buying a bigger home or they can’t see sense in it.
According to Bricks and Mortar, The Times Supplement, November 2, 2018, ‘Due to the changes to stamp duty, some would-be buyers have stayed in the lettings market, because to recover costs incurred from these taxes would take up to 5 years of sales price growth’.
This trend is expected to continue while stamp duty remains high and uncertainty continues over Brexit and the governments future.
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