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Stamp duty hikes will push up rents, says IFS

first_imgFewer new homes will be built and rents will rise as a consequence of the hike in stamp duty on buy-to-let unveiled in last week’s Spending Review, the Institute for Fiscal Studies (IFS) has predicted.The Chancellor George Osborne announced that a 3 per cent rise in stamp duty for buyers of second homes and buy-to-let landlords will come into play from April 2016, almost trebling the purchase tax on a typical £275,000 buy-to-let home from £3,750 to £10,800.Osborne believes that the new surcharge on stamp duty for landlords and those acquiring second homes will raise £1billion for Treasury by 2021.The tax change will almost certainly result in an inevitable rush of people trying to secure buy-to-let properties before April’s deadline, which could push up home prices in the short-term. But should the buy-to-let market slow thereafter, as many analysts anticipate, it may enable more first-time buyers, squeezed out by investor-driven purchasers, to buy property, but not if there is a major reduction in the construction of new homes.Stuart Adams, a Senior Research Economist at the IFS, projects that the tax increase could deter property developers, with less reason to invest, slowing down the building of new properties.Adams also forecasts that the new tax measure could drive down property prices and force up rents, as many landlords pass on the additional cost to tenants.“Properties will be worth less because potential landlords and potential homeowners won’t be willing to pay as much for them,” Adams said.“If property developers don’t feel they’re going to get as much for them, then there’s less incentive to develop it,” he added.Many property professionals agree that the delivery of new housing could fall and rents increase as a result of the rise in stamp duty.Adrian Gill, Director of Reeds Rains and Your Move, believes that levying an additional 3 per cent stamp duty on buy-to-let purchases has “introduced a massive stumbling block to supply in the private rented sector”, while Brendan Cox, Managing Director of Waterfords, agrees that the tax change “is not good news for the market”.“Instruction levels are already at growing odds with rising demand, so in my view, deterring investment in property will ultimately lead to less private sector rental stock. In turn, this will put further upward pressure on rents and make life even tougher for tenants financially,” said Cox.The Chancellor’s decision to introduce higher stamp duty tax bills for buy-to-let has unsurprisingly angered landlords.Commenting on Osborne’s announcement on increased stamp duty on buy-to-let property purchases, Richard Lambert, CEO at the National Landlords Association, said, “The Chancellor’s political intention is crystal clear; he wants to choke off future investment in private properties to rent.“The exemption for corporate investment makes this effectively an attack on the small private landlords who responded to the housing crisis by putting their own money into providing homes by the party that they put their faith in at the election.“If it’s the Chancellor’s intention to completely eradicate buy to let in the UK then it’s a mystery to us why he doesn’t just come out and say so.”stamp duty hikes rent rises rents stamp duy on buy-to-let tax change December 4, 2015The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles 40% of tenants planning a move now that Covid has eased says Nationwide3rd May 2021 Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 Home » News » Housing Market » Stamp duty hikes will push up rents, says IFS previous nextHousing MarketStamp duty hikes will push up rents, says IFSBuy-to-let stamp duty to result in higher rents and fewer new build homes, think-tank warns.The Negotiator4th December 20150578 Viewslast_img read more

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LOCKN’ Festival Shares Playlist From Their Magical “Garcia’s Forest” [Listen]

first_imgWhile the music was king at LOCKN’ Festival 2016, the Arrington, VA event made sure to entice fans with enchanting areas for musical magic. One such location was Garcia’s Forest, a psychedelic non-stop shrine to the late great Jerry Garcia. With Garcia’s music playing an almost all hours of the event, not to mention the stunning visual displays and artwork nestled in the woods, the Forest provided the perfect locale to unwind after a long day of raging with our favorite bands.Fortunately, LOCKN’ has dug into their Garcia’s Forest catalog and curated some of the best selections in a new playlist! This listing focuses exclusively on the Grateful Dead tracks that were played, running in alphabetical order from “Bertha” to “Wharf Rat.” With 25 songs selected, sit back, relax, and relive the splendor of Garcia’s Forest.You can stream the Spotify playlist below.[Photo via LOCKN]last_img read more

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High Availability: New Promotion to Ensure Business Continuity With Data Domain

first_imgToday’s business world demands continuous operations across the data center, including mission-critical data protection procedures. As some admins have learned the hard way, any amount of downtime can mean a loss in revenue and productivity for an organization. This is why business continuity has become a top IT priority for global enterprises – and why Dell EMC has implemented support for high availability configurations in our latest generation of Data Domain systems for midsized and large enterprises.High availability empowers organizations with greater resiliency through a second line of defense via Data Domain, ensuring continuous operations in the event of a failure. This month, Dell EMC has introduced a new promotion around high availability configurations for Data Domain systems, enabling customers to purchase their second controller at a 50% discount.By adding a second Data Domain controller to your protection storage investment, you create the active/standby configuration need to achieve high availability. During any unplanned system downtime, a simple failover between the two controllers is activated.Since the two controllers are attached to a shared storage pool, with one handling data ingestion and the other on standby, the backup jobs can resume in just minutes on the standby controller. Plus, this whole process can be easily monitored and managed via Data Domain System Manager. In addition to minimizing unexpected downtime, high availability configurations can also complete Data Domain Operating System upgrades without taking the system offline.Gain this feature with a new Data Domain DD9800, DD9300 or DD6800 that is preconfigured for high availability. Customers can purchase a second Data Domain controller at a 50% discount from Dell EMC and our partners now. The promotion will run through Friday, August 3, 2018. To learn more about Dell EMC Data Domain, please visit the Dell EMC Store to compare products and follow @DellEMCProtect on Twitter for the latest announcements, customer case studies and topical content.last_img read more

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Soft2Bet: Why diversification of white label products is essential in complex times

first_img Submit Sweden: Soft2Bet CEO Chaikin on prospering in igaming’s brave new world August 18, 2020 Share Related Articles Share Soft2Bet continues new market drive with Irokobet launch August 26, 2020 Soft2Bet grows Swedish presence with CampoBet launch July 22, 2020 StumbleUpon Boris Chaikin, CEO at Soft2Bet, talks to SBC News about boosting its catalogue of esports and virtual sports titles at the first sign of disruption to live sports, using the ‘hiatus’ to apply a raft of fresh features, and how the the crisis has magnified the need for white label providers to cover non-mainstream sports alongside traditional favourites.SBC: With the company having both a sportsbook and casino, how important is it to have product diversification within brands? BC: Of course, a diverse product offering is essential, but now more so than ever it’s vital to provide a premium quality customer experience. Our groundbreaking new aggregation platform, FEZbet, boasts a varied range of immersive entertainment options, from best-in-class virtual sports betting markets to over 3000 casino games from 35 of the industry’s best-known suppliers. Both diversity and quality are therefore necessary to enhance commercial performance.SBC: Did you need to extend your range of virtual sports and esports content? BC: We boosted our virtuals and esports catalogues immediately after the first signs of disruption to live sports. In challenging times, it’s vital to step up to the plate with an agile, dynamic and rapid response. At Soft2Bet, we’re proud to have done exactly that. We’ve found virtuals to be particularly helpful in retaining existing customers, while esports have proved effective in attracting new audiences. Utilising the latest technology is a crucial part of appealing to the new, tech-savvy generation of players, as is demonstrated by the recent growth of the esports market. SBC: With live sports on the sidelines, how has it impacted Soft2Bet’s own roadmap? BC: We have used the hiatus on live sports to enhance our existing product range with a raft of fresh features and modules. Our latest B2B offering, FEZbet, is packed with innovative gamification tools as well as state-of-the-art casino, alternative sports and virtuals options. The situation is far from over, but we expect to emerge stronger. SBC: Are you feeling any pressure from white label partners to deliver more content, and has non-traditional sports content made an impact? BC: Keeping closely attuned to the latest industry trends was imperative to our success before the current situation, but it has now taken on a renewed importance. We offered an immersive and diverse range of sports betting markets prior to the outbreak, so in many ways the current climate has accelerated a process which had already begun. Our portfolio spans non-mainstream sporting events such as table tennis, through to more traditional markets including football and basketball. SBC: Will there be a big shift back to live sports, or will people stick with the casino? BC: We anticipate a sudden increase in sportsbook activity once all of the top football leagues have resumed. This uptick will be caused by two groups – players who stopped betting altogether once mainstream sports betting markets shut, and those who shifted to another vertical (such as casino or virtuals) at that time. Figures show that the sports betting vertical experienced a 20-25% increase in traffic as a result of the Bundesliga’s recent resumption. This would suggest that, once the rest of Europe’s most popular football leagues re-start, we can expect a major boost in sports betting markets.  SBC: What does the future hold for casino? BC: Our sports products are likely to see significant growth when live fixtures are back up and running. As fans around the world eagerly await their team’s return to action, we expect many of them to start placing bets again when live games resume. Nevertheless, it also remains possible for the casino sector to retain the new customers it has attracted as a result of the disruption to sport. Crucial to this will be providing the type of high-quality offering that encourages players to return. With a plethora of thrilling games from renowned suppliers such as Microgaming, BetSoft and Play’n GO, our market leading casino suite does just that.last_img read more

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Cricket: England out of World Cup after defeat by Bangladesh

first_imgEngland have been knocked out of the World Cup by a spirited Bangladesh who grabbed a quarter-final spot following their narrow 15-run victory in a tight Pool A match in Adelaide on Monday.Put into bat, Mahmudullah struck Bangladesh’s first World Cup century and starred in two key partnerships to lift Bangladesh to 275/7.Three-times finalists England made a mess of their chase on an Adelaide Oval track that held no demons and folded for 260 in the penultimate over.Bangladesh looked a bundle of nerves towards the end but Rubel Hossain (4-53) claimed two wickets in the 49th over to trigger wild celebrations.England made a decent start to their chase before losing their way in the crunch match.Adjudged leg before wicket on 11, opener Moeen Ali successfully got the decision overturned but the bearded right-hander was run out after a mix-up with Ian Bell (63). England’s problems were compounded as James Taylor perished chasing a wide delivery and Joe Root fell for 29.Bell, who hit Mashrafe Mortaza for three boundaries in an over, pulled and drive with impunity, adding 54 runs with Alex Hales (27).Mortaza dismissed Hales but it was Hossain’s double strike in the 27th over that turned the match on its head. Done in by extra bounce, Bell was caught behind while Eoin Morgan hooked to the fine leg fielder to fall for his fifth duck in last 11 innings.England’s problems were compounded as James Taylor perished chasing a wide delivery and Joe Root fell for 29.But Josh Buttler (65) and Chris Woakes (42 not out) injected life into the chase with some lusty hitting before Hossain dismissed Stuart Broad and James Anderson in the 49th over.last_img read more

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