Stamp Duty Changes Having An Impact On UK Properties For Sale
It has been reported that for the first time in recent history, December brought near on historic lows in the numbers of properties for sale, according to the Royal Institution of Chartered Surveyors (RICS).
The amount of new properties being listed fell dramatically over a period of twelve months. House price growth also slipped, however, and surveyors said this was even more obvious in the capital, London, where the number of buyers fell. Elsewhere, thing were different to varying degrees ñ for example, Northern Ireland, Scotland and the North West of England saw, in contrast, dramatic growth.
RICS have said†the stamp duty changes, announced in early December 2014, were having an impact. These recent changes would support demand for the lower end of the housing market as tax had been cut for these types of home as a result.
98% of buyers will now be paying less, according to the Chancellor, George Osborne ñ now, only people who buy homes worth more than £937,000 will pay more in tax. This would explain the difference in London when compared to the rest of the country, where sales would be boosted except in the capital where theyíd fall and dent prices, too.
House prices themselves, however, are unlikely to fall, and with demand improving, such competition may actually encourage a rapid rise in prices. House prices everywhere except London seemed to be rising throughout last month.
The amount of first time buyers entering the market also fell in the latter part of 2014.
It doesnít necessarily look positive, either, as there is a risk that if the amount of properties for sale remains low, house prices may become even more unaffordable.
All is not lost, however, as at present, itís still worth thinking about the fact that the stamp duty changes have made things better for many people. This handy calculator can actually give you an idea of how much it will cost you to move house, and the differences in the amount that you will pay now that stamp duty changes have been put in place.
You will also be able to work out how much it will cost to move your belongings, furnish your property in the current climate, and will factor in things like your deposit to get the total associated fees and costs.