A new auction house, mustbesold.com, has announced that it expects buyers to take advantage of the Government’s recent housing rescue package, when it opens at the end of September.

The rescue package included an increase to the lower threshold for stamp duty from £125,000 to £175,000. Landlords appear to be in a healthy position to take advantage of the Government’s measures. Many investors have a good amount of equity in their portfolios, allowing them to take advantage of competitive mortgage deals. The change in stamp duty could see landlords saving up to £1,750 on a property.

The new auction house is a partnership between Spicerhaart and Graham Penny Auctions. It will offer a range of interests including investment properties, empty houses, building plots and commercial investments. As the name suggests all properties that are put up for sale at the auction must be sold on the day. mustbesold.com said that it expects some homes to be sold at ‘prices of a decade ago’.

Russell Jervis, managing director of Spicerhaart, told PIN: “The Government’s decision to abolish stamp duty on properties under £175,000 for the next year has given an unexpected boost to both vendors and purchasers who are able to act quickly to make the most of this opportunity. We are excited about the forthcoming auction which we anticipate will attract serious interest in the changing housing market.”