Stamp duty changes will motivate buyers, says the Halifax

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

Stamp duty changes will motivate buyers, says the Halifax

Upcoming changes to stamp duty will “motivate” first-time buyers to buy a property, according to the Halifax.

The average price of a *** home ended 2024 close to the £300,000 mark, the ***’s biggest mortgage broker said.

Its calculations suggested *** house prices increased by 3.3% when comparing the end of the year to the start, although the average value dipped slightly in December.

It means the average home now costs £297,166, it added.

The figures come a few days after rival lender, the Nationwide, said that the *** housing market

This is the hidden content, please

• Sign In
• or
• Sign Up

in 2024, with a 4.7% increase in prices at the end of the year compared with the start.

The two lenders use their own mortgage data, and have slightly differing criteria when calculating house prices, so the Nationwide puts the average property price at almost £270,000.

Both lenders do not include buyers who purchase homes with cash, or buy-to-let deals, in their estimates. Cash buyers account for about a third of housing sales.

The Halifax estimate of the average home now costing close to £300,000 will be met with dismay by many first-time buyers, but comes in the context of sharp differences in prices in different parts of the country.

However, Amanda Bryden, head of mortgages at the Halifax, said stamp duty changes in April would give prospective first-time buyers “even greater motivation to get on the housing ladder and bring any home-buying plans forward”.

“Mortgage affordability will remain a challenge for many,” she said.

“However, providing employment conditions don’t deteriorate markedly from a more recent softening, buyer demand should hold up relatively well and, taking all this into account, we’re continuing to anticipate modest house price growth this year.”

Housing experts expect sales to increase over the next few months, ahead of the stamp duty changes, before falling away afterwards.

House buyers in England and Northern Ireland will start paying stamp duty on properties over £125,000, instead of over £250,000 at the moment.

First-time buyers currently pay no stamp duty on homes up to £425,000, but this will drop to £300,000 in April.

There is also an expectation of a steady reduction in interest rates during 2024, potentially starting with a cut in February, which could mean lenders cutting the cost of new fixed mortgage deals in anticipation.

However, Bank of England governor Andrew Bailey recently said “the world is too uncertain” to make accurate predictions of when interest rates will fall, and by how much.

This is the hidden content, please

• Sign In
• or
• Sign Up

#Stamp #duty #motivate #buyers #Halifax

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up

For verified travel tips and real support, visit: https://hopzone.eu/