There are brighter days ahead for the property industry
Prime Minister Liz Truss has outlined the new government plan for growth what do the changes mean for the mortgage market and property sector?Stamp Duty threshold raised to £250,000 or £425,000 for first-time buyersInvestment Zones for business investment and release land for new homes across the countryThe Chancellor, Kwasi Kwarteng, unveiled a package of major cuts to Stamp Duty Land Tax in England and Northern Ireland, doubling the nil rate band from £125,000 to £250,000...
Although this will have a positive impact on the property market, it will not have the same effect as the previous Stamp Duty holiday which created a buying frenzy – this had a deadline which buyers had to complete the purchase by a set date. In a lot of ways this in its self-created problems, mortgage companies and solicitors were inundated with new purchase applications.
Many home owners will not remember rates of more than 5% where some customers remember days of 15%. I have seen peaks and troughs from the late 80s and the credit crisis in 2007 and 2008. Whilst the higher interest rates will be an additional cost, which few can afford, I am confident that the market will settle.
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