| Good News for First Time Buyers |
31-Mar 10 @ 07.05 PM |
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It was announced at the Pre-Election Budget on Wednesday 24 March that the starting threshold for Stamp Duty Land Tax will increase to £250,000 for sales to first time buyers. The tax relief, for residential property purchases began from 25 March 2010 and will be in place until 25 March 2012.
In order to fund the new two-year tax relief, it was also announced that there will be the introduction of a new 5% rate of Stamp Duty Land Tax for residential property over £1 million. The £1 million threshold will be implemented on 6 April 2011.
The Government indicates the policy will help nine out of ten first time buyers*, saving them thousands of pounds. Experts predict this will help improve the UK property market, which was somewhat stalled when the Stamp Duty ‘holiday’ came to an end on 1 January 2010.
Michael Marsh from Raine and Co, the member of Home Sale Network in Hatfield said, “It is a welcome policy change for first time buyers, who now have the opportunity to get on the property ladder without having the added expense of Stamp Duty Land Tax.
“Even if you’re not a first time buyer, this tax relief will be a great boost to the UK property market by encouraging lots more first time buyers to the market, making 2010 possibly the year to sell your home.”
*Alistair Darling: Pre-Election Budget speech, 24 March 2010
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| Market Improving |
09-Mar 10 @ 01.59 PM |
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According to Government statistics the UK officially came out of recession last quarter. With this in mind, Home Sale Network has conducted a survey among its members to identify how the property market has changed since Home Sale Network’s survey in early 2009. Focusing on buyer enquiries, sales and potential hurdles in the market, the survey results indicate that buyer enquiries and sales agreed continue to increase month-on-month in 2010.
87% of respondents saw an increase in the number of buyer enquiries in January 2010 compared to December 2009. When asked whether respondents saw an increase in the number of sales agreed in January 2010 compared to the previous month, over two thirds (67%) indicated that they had.
Asked what the single greatest hurdle for the property market was in January 2010, 10% indicated vendors had concerns about redundancy and job security and 18% cited unrealistic price expectations. Similar findings were reported in last year’s survey with 15% pointing to unrealistic price expectations and 9% indicating concerns about job security.
Interestingly, 29% indicated the lack of available mortgage finance was the biggest hurdle for the market in their local area in January 2010. This figure has significantly reduced from the January 2009 figure of 70% who cited a lack of available mortgage finance as the biggest hurdle. Furthermore, just 6% of respondents suggested the lack of available properties for sale was the biggest hurdle in January 2009. This has increased to 43% of respondents now suggesting property supply is the biggest challenge.
Aside from year on year comparisons, the January 2010 Home Sale Network survey also asked respondents about the affect January’s adverse weather conditions had on their business. Over half of respondents (55.5%) indicated snowy conditions had affected their business prospects by a quarter. A further 25.5% suggested their business prospects were affected by as much as half and a further 19% reported their business prospects had been affected by over a half.
Michael Marsh from Raine and Co, the member of Home Sale Network in Hatfield said, “Interestingly, the year on year survey comparison suggests the mortgage market is improving, with more than a 40% decrease in the number of respondents indicating mortgage availability as the biggest hurdle for the market. With over two thirds of respondents indicating the number of sales being agreed increased in January 2010 month on month and buyer enquiries also increasing, this year could be the right time to sell your house.”
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