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| Blairs add Manchester flats to property empire before stamp duty deadline | Blairs add Manchester flats to property empire before stamp duty deadline |
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| Cherie Blair and her eldest son, Euan, appear to have added recently to the family’s property empire, with files for their company showing they took out a mortgage on four flats in the north-west shortly before a new tax for landlords and second homebuyers came into force. | Cherie Blair and her eldest son, Euan, appear to have added recently to the family’s property empire, with files for their company showing they took out a mortgage on four flats in the north-west shortly before a new tax for landlords and second homebuyers came into force. |
| Records for Oldbury Residential show that it registered a charge with Companies House, related to four properties in the Whalley Range area of Manchester, a suburb a couple of miles from the city centre popular with young professionals. The flats are each likely to bring in around £500 a month in rent, a total of £24,000 a year before tax. | Records for Oldbury Residential show that it registered a charge with Companies House, related to four properties in the Whalley Range area of Manchester, a suburb a couple of miles from the city centre popular with young professionals. The flats are each likely to bring in around £500 a month in rent, a total of £24,000 a year before tax. |
| The charge on the property is dated 22 March 2016 – nine days before a new stamp duty surcharge came into effect. | The charge on the property is dated 22 March 2016 – nine days before a new stamp duty surcharge came into effect. |
| Related: Tony and Cherie Blair's property empire worth estimated £27m | Related: Tony and Cherie Blair's property empire worth estimated £27m |
| Purpose-built flats on the same street as those bought by the Blairs have recently been marketed at £75,000 to £95,000 for a one-bedroom apartment. Before 1 April a purchase this size would not attract any tax, but since the stamp duty change it would mean an upfront tax charge of £2,250 to £2,850. | Purpose-built flats on the same street as those bought by the Blairs have recently been marketed at £75,000 to £95,000 for a one-bedroom apartment. Before 1 April a purchase this size would not attract any tax, but since the stamp duty change it would mean an upfront tax charge of £2,250 to £2,850. |
| The Blair family now own at least 31 flats and 10 houses in a property portfolio put together since Tony Blair left 10 Downing Street. | The Blair family now own at least 31 flats and 10 houses in a property portfolio put together since Tony Blair left 10 Downing Street. |
| Mark Stock, branch manager of the Bridgfords estate agents in Chorlton, said flats on the street were currently letting quickly. “We’ve just let two of the properties that we had sold there within 24 hours,” he said. “A one-bedroom flat is letting for £500 a calendar month, which is a good return if you are paying £85,000 to £90,000.” | Mark Stock, branch manager of the Bridgfords estate agents in Chorlton, said flats on the street were currently letting quickly. “We’ve just let two of the properties that we had sold there within 24 hours,” he said. “A one-bedroom flat is letting for £500 a calendar month, which is a good return if you are paying £85,000 to £90,000.” |
| Stock said that buy-to-let investors were interested in the market. “The price is quite attractive – we’ve had a lot of professional people buying to rent out, and a few overseas people who have been looking for a bolthole near the city.” Tenants tend to be people working in the hospital nearby, he said, or those commuting into central Manchester. | Stock said that buy-to-let investors were interested in the market. “The price is quite attractive – we’ve had a lot of professional people buying to rent out, and a few overseas people who have been looking for a bolthole near the city.” Tenants tend to be people working in the hospital nearby, he said, or those commuting into central Manchester. |
| The latest properties to appear on Oldbury’s filings are owned alongside 27 flats in Manchester and Stockport, bought for a total of just under £2.2m and likely to be bringing in around £13,500 a month in rent. Cherie and Euan each own half of the shares in the firm. | The latest properties to appear on Oldbury’s filings are owned alongside 27 flats in Manchester and Stockport, bought for a total of just under £2.2m and likely to be bringing in around £13,500 a month in rent. Cherie and Euan each own half of the shares in the firm. |
| The stamp duty surcharge was announced in November’s autumn statement and came into effect on 1 April. It adds three percentage points to the tax paid by anyone buying a property as an investment or holiday home, and means anyone paying between £40,000 and £125,000 for an investment property faces an upfront tax bill for the first time. | The stamp duty surcharge was announced in November’s autumn statement and came into effect on 1 April. It adds three percentage points to the tax paid by anyone buying a property as an investment or holiday home, and means anyone paying between £40,000 and £125,000 for an investment property faces an upfront tax bill for the first time. |
| Many investors rushed through purchases ahead of the deadline to spare themselves the higher rate of tax, with estate agents in expensive parts of the country reporting buyers willing to pay more to solicitors to ensure deals were completed in time. | Many investors rushed through purchases ahead of the deadline to spare themselves the higher rate of tax, with estate agents in expensive parts of the country reporting buyers willing to pay more to solicitors to ensure deals were completed in time. |
| Research by Bower Private Clients, which arranges loans for high net worth customers, found that 29% of lawyers were planning to use property to fund their retirement, either drawing money from their main home or investing in buy-to-let. | Research by Bower Private Clients, which arranges loans for high net worth customers, found that 29% of lawyers were planning to use property to fund their retirement, either drawing money from their main home or investing in buy-to-let. |
| Blair’s office had not responded to a request for comment at the time of publication. |