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Gazundering and chains collapsing? Fall out from Budget

Journalist: Ruby Hinchliffe, The Telegraph

ended 31. October 2024

Hello! Keen to hear from brokers and conveyancers seeing deals collapse after rushing those they could through yesterday. Are clients having to remortgage after the 2 percentage point rise in Stamp Duty for buy-to-let and second homes purchases? Are families also being affcted in chains with these transactions?

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Jack Tutton
Director at SJ Mortgages
After two clients withdrawing from their purchases yesterday, I suspect that more are likely to follow once they realise the additional tax that they would need to pay. At the very least, I think buyers will want to go back to the negotiating table to try and get a reduction in the purchase price to negate these additional costs. This will likely to have a knock on effect to the rest of the chain, buy to let investors tend to be the bottom of the chain and any changes here will impact the chain moving up.