New stamp duty threshold is of national significance
The scrapping of stamp duty for first-time buyers who pay less than £250,000 for a property is set to strengthen the market.
First-time buyers are the lifeblood of the industry and the new stamp duty threshold will substantially increase the number coming onto the property market.
Already we have taken more enquiries from first-time buyers looking to get a foot on the property ladder. Although the average first-time buyer still needs a decent deposit before they can purchase a property, the fact that they no longer also have to save up one percent of the purchase price means that there will be many more properties available to them.
This new measure is of national significance and is good news for the industry and economy in general. It will particularly help those first-time buyers in London and the South East where property prices are generally much higher.
However large numbers of would-be first-time buyers are still being frozen out of the property market because they are unable to secure a deposit. We strongly believe the government should either help decrease the amount of deposit required or assist first-time buyers with securing funding through the Government-owned lending institutions.
Labels: estate agency, estate agent, estate agents, first time buyers, haart, housing market, properties, property market, property prices, Spicer McColl, Spicerhaart, stamp duty
Perfect opportunity for first-time buyers to make their move
Now is the ideal time for first-time buyers to take the plunge and get their foot on the property ladder.
For a long time first-time buyers have struggled to get their foot on even the lowest rung of the property ladder, but now the tide has turned, and it is a great time for them to seriously consider buying a property.
There are some fantastic new mortgage products available at the moment specifically aimed at first-time buyers, property prices are much more realistic and the stamp duty threshold will remain low until Christmas.
It is important that first-time buyers thoroughly evaluate the amount of money they have available to put towards a property,research mortgage deals and familiarise themselves with the different types of loans available. They should also consider the type of property they require and what area they wish to live in.
We are certainly seeing more first-time buyers and are always happy to advise them on the best way forward.
Asking prices are significantly reduced, there are some excellent mortgage deals around and interest rates are low all of which are encouraging first time buyers.
Buying a first home is one of the most important steps anyone will ever take and now is a great time to take that step.
Labels: estate agency, estate agent, estate agents, first time buyers, FTBs, stamp duty
Festive season expected to drive buyer demand
Summer may have only just ended, but for many that means one thing; it's time to start planning for Christmas. With a recent survey showing half of shoppers have already begun buying presents, we are expecting to see a significant rise in people moving now to be settled by Christmas.
In addition, as the stamp duty holiday draws to a close, buyers will want to make the most of this golden opportunity for significant cash savings. With Christmas on its way, the money saved will no doubt come in handy for presents, decorations and festive food.
Our figures already show a 32% increase in the number of people looking for properties, which is likely to be due to stabilising market conditions and the extended stamp duty holiday. However, there continues to be a lack of supply.
If you are hoping to sell, now is an ideal time to come forward and help meet the increased demand created by buyers hoping to move by Christmas and capitalise on the stamp duty holiday.
Labels: estate agency, estate agent, properties, stamp duty
Property boom to beat tax whammy
With an increase in VAT and stamp duty coming into effect in the New Year, there is likely to be a rush to buy in order to beat the triple tax whammy.
As various hard-won tax concessions are being dropped and higher rates coming back into play, it will inevitably hit people in their pockets at a time when they need it least.
In the new year, buyers of properties under £175,000, who were previously exempt from stamp duty, will have to pay 1% on properties over £125,000 – which will add an extra £1,600 on the price of an average first time property of £160,000.
As more buyers become aware of this, the inevitable consequence will be a rush to buy, fuelling a mini-boom between now and the end of the year. If you are looking to sell your property, now is a perfect time to capitalise on the increasing number of buyers.
Labels: estate agency, estate agent, property auctions, stamp duty, VAT
