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Changes in the UK housing market

Data reveals that potentially the capital’s housing market could be cooling rapidly.

Values in ‘prime’ central London increased by just 0.8% in the year to March, this is the lowest increase since October 2009.
It has been suggested that asking prices were dropped in order to race through deals before the 1st April stamp duty surcharge on buy-to-let and 2nd homes.
Experts predict that the 3% stamp surcharge will reduce demand in the coming months.
Figures produced by Your Move and Reeds First Time Buyer tracker however have indicated that February was busier than usual for first time buyers.
The number of first time buyers rose 7% with prices for first time buyers rising 14.5%.
An underlying reason for the 3% stamp duty surcharge was to free up property for first time buyers. It will be interesting to see how this affects the property market in the coming months.

For further advice or assistance contact our Residential Conveyancing team.