The housing market overall in the UK appears to have stalled in the last few months as buyers are holding back to see if Brexit will mean a drop in house prices as there is a fear of being trapped in negative equity. House prices are currently rising at their lowest annual rate in five years according to recently published information from the Office for National Statistics https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/august2018
However, there is good news in that house prices have remained fairly stable since April 2018 and the slowdown is mainly due to a slowdown in the South and East of England with the lowest annual growth being recorded in London. The Midlands and North have remained fairly stable over the last two years which is great news for sellers and buyers in the North West.
It is therefore great to see the recent announcements in the budget which should help to continue and stimulate the property market in the North West:-
- All first-time buyers purchasing shared equity homes of up to £500,000 to be exempt from stamp duty and to be retrospective back to the last budget - 22 November 2017;
- £500m for the Housing Infrastructure Fund, designed to enable a further 650,000 homes to be built;
- New partnerships with housing associations in England to deliver 13,000 homes;
- Guarantees of up to £1bn for smaller house-builders
In addition, the Help to Buy scheme has been extended by two years for first time buyers. This together with the no stamp duty rule for first time buyers introduced last year for properties up to £300,000 should continue to encourage first time buyers to enter the market and help sustain the property market.
QualitySolicitors AcklamBond have a wealth of experience in helping not only first time buyers but repeat sellers and buyers, investors, landlords and auction properties. To see how we can assist call us today on 01254 872272 and ask to speak to a member of the residential property team.