Member Article

BTL Market Strong Despite Stamp Duty Changes

Award winning auction provider IAM Sold has continued its phenomenal start to the financial year by breaking its previous best sales volume record that was set just last month.

The fantastic sales month in March was widely believed to be due to the then impending change to the Stamp Duty rates for second homes or investment properties. The fact that IAM Sold has continued the record breaking run through April shows that not only were the March figures not necessarily due to the “Stamp Duty Blip” but that auction, as a viable route to buying and selling, continues to grow. April sales grew by 11% to 222 from 198 in March.

What makes these figures even more interesting is that 66% of sales in April were down to investors – proof that the rise in second property Stamp Duty has not diminished the investor market. Furthermore, almost 80% of those sales were cash sales, adding further evidence that the market is buoyant and expanding. Ben Ridgway, director of business development & innovation said: “We are delighted that we have smashed our previous sales records 2 months running and it shows that the work we are doing with our partner agents and our investors is paying dividends. It also shows that the more astute investors are still finding great value in the marketplace.”

Following a fantastic end to 2015, winning the prestigious Sunday Times Estate Agency of the Year Award for Best Supplier and placing 23rd in the Sunday Times Virgin Fasttrack 100, the company has further significant growth plans for 2016 including expansion of regional public auctions and some innovative new products, as well as acquisitions of existing businesses. Ben Ridgway said: “The organic growth of the company has put us in a very strong position and means we are now also looking at acquiring companies that will help us build on the success of the IAM Sold principles.”

This was posted in Bdaily's Members' News section by IAM Sold .