House sales were down by 40% year-on-year in March, HM
Revenue and Customs (HMRC) figures show. The plunge compared with a year
earlier is likely to be due to a stamp duty hike for people buying second homes,
including buy-to-let investors, which was imposed on April 1 2016. Estate
agents reported seeing a rush of landlords snapping up properties last year
before the deadline, prompting a spike in sales. HMRC's report said home sales
figures for March 2016 had been "unusually high". It also said
non-tax changes, such as the EU referendum last summer, may also have caused
changes in the property market. Read more on the Belfast Telegraph website.
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