The countdown of the Stamp Duty Holiday enters the closing stages.
The Stamp Duty Holiday is coming to an end this month after the vacation began on the 24th March 2010, introduced by the Labour Government. The scheme was launched to help first time buyers get onto the first rung of the property ladder however, results show that the scheme hasn’t been that successful over the past year.
12% of estate agents have reported an increase in sales with a large percentage of that coming from the West Midlands and East Anglia but 16% of estate agents in the UK reported a decline in sales with a hefty chunk coming from Yorkshire, Humberside and the North West. Surveys showed the amount of homes coming onto the market were relatively steady during January which lead to a prediction of a 19% rise of sales which failed to materialise.
The problem for first time buyers still seems to rest with the lack of affordable mortgages and the stamp duty holiday hasn’t helped sales increase as hoped.
The Royal Institute of Charted Surveyors spokesman Michael Newey spoke to the Liverpool Echo; ‘Many problems with the market still exist and the lack of affordable mortgage finance is still preventing many from getting onto the property ladder.’
Our previous article on the Stamp Duty Holiday by Jo Milne can be read HERE.
Amanda McGovern, Pali Ltd(0) Comments
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