Our property accountants in Manchester city centre can help you to be clear about your potential exposure to property tax, at a time when house prices across the area are on the increase.
Figures from Lloyds Bank show Manchester’s house price values are outpacing several similar economies elsewhere in the country.
Based on the local employment rate of just over 60%, Manchester’s six-year house price increase of 12% – nearly £17,000 on the value of a typical property – is relatively very strong.
In Birmingham, for instance, house prices rose by 10% in 2009-15, just more than £14,000, while Liverpool saw an increase of 7%, or just over £9,000 on the average home; both have employment levels of 59-60%.
Any increase in house prices is good news for rental property investors, of course, but can also raise your exposure to capital gains tax, and potentially push your property into a higher stamp duty land tax bracket too.
If you are unsure of whether this might be the case following recent gains – or how the theoretical valuation of your property might translate into an actual selling price – our property accountants in Manchester city centre are perfectly placed to advise on all aspects of property tax.