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STEADY AS WE GO!

As reported across the country the changes in the Stamp Duty legislation affecting the purchases of second and investment properties caused a huge spike in the number of property transactions being completed before the end of March with buyers of such properties anxious to beat the deadline and avoid paying the tax surcharge.  This trend was certainly reflected locally with completions of property sales negotiated by Eric Lloyd & Co spiking in the last couple of weeks of March.  Following this change, the question being asked by many was “how would this affect the market generally?”  The answer would appear to be that it is “business as usual”.  Jonathan Bye, Director of Eric Lloyd & Co is able to report that the number of sales agreed during April 2016 was equal to the number of sales agreed during April last year.  Sales have been agreed across all market sectors including continuing sales of traditional cottages and apartments in and around the harbour in Brixham – South Furzeham Road, Ranscombe Road, Overgang, and Mount Pleasant Road.  During April an encouraging number of sales have also been agreed to first time buyers.  Jonathan commented that “the property market in South Devon continues to be buoyant aided in part by the opening of the South Devon Highway making Torbay much more accessible to buyers who need to travel in and out of the bay.  For anyone contemplating a move this summer now is the perfect time to put the wheels in motion.”      

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