Investors looking to snap up bargains now ahead of Stamp Duty hike

BIRMINGHAM-based chartered surveyors Pennycuick Collins is targeting a strengthening investment market as it prepares to auction its biggest-ever catalogue of properties.

The firm believes buyers are looking to snap up bargains now ahead of a hike in stamp duty in April.

The auction, which will be held across two days in London and Birmingham, will see 108 lots go under the hammer.

They include a number of investment properties and a former Daily Mail House of the Year 1967, with guide prices ranging from no reserve to £2.3m. There are five lots with a guide price of more than £1m.

Stuart Tullah, associate partner, auctions, at Pennycuick Collins said: “There is high demand for property investment opportunities in the Birmingham market currently, and this is reflected in the record number of lots.

“There are a number of interesting investment opportunities in the catalogue and with our auctions achieving the highest sales success rate of any in Birmingham over the last 10 years, we’re confident we’ll see plenty of deals on the day.”

April 1 will see the introduction of a new 3% stamp duty surcharge for those buying a second home.

Mr Tullah said he felt the implications of the legislation would lead to even greater interest from investment buyers.

“The changes to stamp duty mean that those buying property as an investment will incur greater costs as of April 1. The timing of our auction means that it could be the last opportunity to acquire and complete ahead of the surcharge and so we would expect to see even greater interest than usual,” he said.

Lots include a car repair garage and six self-contained flats in Acocks Green, residential properties in Stourbridge and Bromsgrove and a plot containing 37 domestic garages in Wolverhampton.

Working alongside Network Auctions, the sale takes place at St Andrew’s, home of Birmingham City Football Club, on March 2.