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News Feed
20 May 2010
Home information packs (Hips) will be consigned to history, the Government has announced.
17 Mar 2010
Estate agents should be subject to the same levels of regulation as letting agents, it has been been stated.
22 Jan 2010
Thousands of Britons with holiday and retirement homes in northern Cyprus face eviction after the Court of Appeal upheld a decision that a British couple must surrender disputed land.
End of stamp duty holiday will affect markets in some regions
Since last year the government has suspended stamp duty on properties between £125,000 and £175,000 in value...
Whilst those buying properties that were under the £125,000 were exempt from stamp duty anyway, it was hoped that extending this exemption to properties up to £175,000 would help to kick start the flagging property market by increasing affordability for first time buyers who were struggling to get onto the property ladder.
However, the stamp duty holiday is set to come to an end at the end of this year, and there are now concerns that this could adversely affect the property markets in certain areas of the UK where recovery is yet to be seen. A number of surveyors in Scotland, Wales, and the East and West Midlands have predicted that once the stamp duty holiday comes to an end activity in the property markets in these areas will most likely drop.
A number of industry groups are now calling on the government to extend the scheme or to make changes that would mean that the exemption applied to properties of a higher value. The Royal Institute of Chartered Surveyors has called for the exemption to apply on properties up to £150,000. Some groups, including the National Association of Estate Agents have called for stamp duty to be scrapped altogether.
Some areas such as London and the South East are unlikely to be affected by the end of the stamp duty holiday, and this is because the average house price in these areas is way above £175,000 anyway, so most buyers never benefited from the holiday in the first place.
One official from RICS said that in some parts of the country the effects of the stamp duty had hardly been noticed, which meant that it had not had as wide an impact as had been hoped. However, he added that there were parts of the country that would definitely notice the change, and this could impact heavily on the recovery of the property market in these areas. Loans4.co.uk
However, the stamp duty holiday is set to come to an end at the end of this year, and there are now concerns that this could adversely affect the property markets in certain areas of the UK where recovery is yet to be seen. A number of surveyors in Scotland, Wales, and the East and West Midlands have predicted that once the stamp duty holiday comes to an end activity in the property markets in these areas will most likely drop.
A number of industry groups are now calling on the government to extend the scheme or to make changes that would mean that the exemption applied to properties of a higher value. The Royal Institute of Chartered Surveyors has called for the exemption to apply on properties up to £150,000. Some groups, including the National Association of Estate Agents have called for stamp duty to be scrapped altogether.
Some areas such as London and the South East are unlikely to be affected by the end of the stamp duty holiday, and this is because the average house price in these areas is way above £175,000 anyway, so most buyers never benefited from the holiday in the first place.
One official from RICS said that in some parts of the country the effects of the stamp duty had hardly been noticed, which meant that it had not had as wide an impact as had been hoped. However, he added that there were parts of the country that would definitely notice the change, and this could impact heavily on the recovery of the property market in these areas. Loans4.co.uk
