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Flipping no longer an option thanks to market frenzy, says agent

An online agent operating in the Midlands says the idea of flipping property is a thing of the past thanks to the buoyant market.

Yopa’s Felicity Raynor, based in Stoke-on-Trent, has told the local media: “Supply is as short as I've ever known it to be, so in order to beat an owner occupier, 'flippers' are needing to pay over the odds leaving themselves with no margin or even in the negative

“These buyers just don't stand a chance in this area at the moment as they are getting beaten to everything by people who can't find anything to buy so are resorting to buying a run down house and doing it up themselves while living there.”

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Raynor has told the Stoke Sentinel that the three per cent stamp duty surcharge for additional homes, combined with the current market frenzy, means it only makes sense to buy a fixer-up house to live in and do it up over time.

“They have typically been bought by people who are looking to stay there for a long time, as opposed to renovating them them for profit” she says.

“In the Staffordshire area it's been mainly the younger generation doing this, those aged 25 to 45. I'm not seeing many being flipped anymore due to the three per cent stamp duty surcharge.”

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