Millibandus and nu Lab are toast!
Stamp duty changes boost housing market and push up prices
Buyers spend their savings making higher offers while estate agents see sales rise the morning after autumn statement
Hilary Osborne
Friday 5 December 2014 19.37 GMT
The traditional pre-Christmas lull in the housing market came to an abrupt end last week when the chancellor slashed stamp duty for all properties costing up to £937,000.
Estate agents reported renewed interest from buyers, with some putting their savings in to higher offers for homes. They predicted that the increased demand, together with a cash injection into the market, would lead to higher prices in the months ahead.
The chancellor’s announcement that the “slab structure” on the homebuyer’s tax would be scrapped and replaced with a progressive system had an immediate impact on the market, agents said, as would-be buyers realised they could increase their budgets.
The UK’s largest independent agency, Haart, said it had seen a 15% increase in inquiries on Thursday morning and a flurry of offers by clients who found they had more money to spend.
Russell Jervis, Haart’s managing director, said: “The change has generated new sales – there were people who suddenly could increase their offer and several new sales were agreed straight away.”
In north London Charlie Perdios, managing director of Anthony Pepe, an estate agency, said he had also been contacted by buyers who were willing to pay more. “There were a few deals where the buyers and sellers were about £5,000 to £10,000 apart; now the buyers are maybe saving £5,000, those deals can be resurrected.”
He added: “If people feel that they’ve got a few more thousand to spend, that will filter through to house prices.” Haart had been predicting a lull in activity in the runup to the general election but Jervis said branches are “optimistic about the start of 2015. I think we will continue to see growth in house prices.”
http://www.theguardian.com/money/2014/dec/05/stamp-duty-changes-housing-market