On Wednesday, the Chancellor of the Exchequer Phillip Hammond delivered his autumn budget. There were lots of interesting developments delivered but in today’s blog we’re going to be looking at one of the key changes that was made to the property industry. We’ll summarise the point and then our Residential Sales Valuer Ryan Cooper will provide insight into how he thinks it will impact the market.
During the budget update it was announced that there would be some changes to stamp duty. Stamp duty is to be abolished immediately for first-time buyers buying a home up to £300,000. Another change implemented was that no stamp duty would be paid on the first £300,000 of properties costing £500,000. This change will come immediately so we expected this to impact the market straightaway.
Our take on things
Our Residential Sales Valuer Ryan Cooper had this to say on the matter:
“The stamp duty changes on Wednesday are going to have a fantastic effect amongst our marketplace. Buyers affordability will be higher as more of their hard-earned savings can go into the deposit rather than taxes. Hopefully this will make loan to values higher. There’s also the possibility of even more attractive interest rates with lenders. After Staines-upon-Thames is primarily a low to mid value town retrospective to other surrounding London areas, we will see a sudden influx of activity from buyers looking to purchase sooner. I think in the long term this will create a larger demand for lower priced homes. In addition to this we’ll start to see a consistent growth for all home owners in our market place, and prices will start to push up.”
If you have any questions regarding the recent changes to stamp duty or if you would like to call for some advice, Oasis Estate Agents would be happy to help. You can give us a call on 01784 441818/01784441818 or e-mail on firstname.lastname@example.org
You can learn more about the Oasis team here: https://oasisestateagents.com/oasis-estate-agents/oasis-team/