Buy-to-let properties come to auction as stamp duty rise looms

Auctioneers are predicting the next few months will see a spike in auction sales as pending stamp duty changes fuel purchases.

Liverpool-based Sutton Kersh has seen a record level of instructions for its February sale, with more than 170 lots on sale and they are predicting bidding to be fierce.

Cathy Holt, associate director at Sutton Kersh, said: “With stamp duty set to rise by 3% on buy-to-let purchases in April, we are seeing a rush of lots coming to market and a spike in interest, with purchasers looking to complete deals before the changes come into effect.”

Holt continued: “We will be seeing increased auction sales in the buy-to-let market over the coming months, but as a whole auction sales figures for property have been high anyway. Last year for example we sold 480 properties, raising nearly £40m, which is really pointing to strong recovery in the city region property market.”

Sutton Kersh’s February auction will be held on 11 February at the Crowne Plaza, Princes Dock.