Budget brings good news for the housing market
25 March 2010
Selling agent Connells believes the Government’s recent announcement to increase the Stamp Duty threshold to £250,000 for first time buyers is good news for the housing market.
“This is fantastic for those looking to buy their first home, especially young families, who have perhaps struggled to get onto the housing ladder in recent years,” says Connells Divisional Managing Director Tim Wardley. “The decision by Alistair Darling in the recent Budget will inject further confidence into the housing market, which is great for all home owners, as increased activity at the lower end of the property market will inevitably filter up to more expensive properties.”
The changes to the stamp duty threshold mean that a first time buyer purchasing a property worth between £125,000 and £250,000 will be exempt from paying the one per cent tax. The increase will be in place for two years and the Government has claimed this will mean nine out of ten first time buyers will not have to pay stamp duty.
“Those looking to move further up the housing ladder should also feel optimistic by the announcement, as anyone with a home worth up to £250,000 will now find that it has become much more saleable”, says Tim. “It should also encourage developers to revive mothballed developments as the knock-on effect of more first time buyers will stimulate greater activity across the market.”
Buyers who have been frozen out of the market because of the need to find larger deposits to secure a mortgage can be further encouraged by the easing of mortgage lending. As mortgage finance becomes more readily available, lenders are offering a wider range of deals to buyers, and more 90 per cent loan to value products.
If anyone is thinking of buying or selling a property likely to be worth between £125,000 and £250,000 they should take action now to be sure of beating the expected rush of first time buyers.
For further information and photography, please contact the press office on 01525 215419 or email Julia Brook, Group PR Manager: Julia.email@example.com or Christine Webb, Group PR Executive: Christine.firstname.lastname@example.org
Notes to editors
About the Connells Group:
Founded in 1936, the Connells Group, a subsidiary of the Skipton Building Society, comprises 470 estate agency branches and is the second largest wholly owned estate agency network in the UK. In addition to operating under the Connells brand, which comprises around 150 branches, the Group trades under other well-known local names including William H Brown, Sharman Quinney, Fox & Sons and Barnard Marcus.
As well as residential property sales the Group is involved in a comprehensive range of housing related activities including land and new homes, lettings, surveying, mortgages, conveyancing, relocations, asset management and auctions.
The Connells Group has been named Best Large Estate Agency at the Estate Agency of the Year awards for four of the past six years. For more information, please visit www.connells.co.uk