First-time buyer sales have slumped to a seven-month low following the withdrawal of a “crucial” stamp duty exemption, estate agents said today.
The National Association of Estate Agents (NAEA) said 17% of sales in May were made to those buying their first home, compared with 24% during the previous month.
Lenders and estate agents reported a rush to complete deals ahead of the deadline for the two-year concession in March, with sales which would have otherwise taken place later in the year being bunched up.
Lenders have been tightening their borrowing criteria amid the weak economy and the eurozone crisis, and borrowers with smaller deposits are expected to have a particularly tough time getting a deal in the coming months.
NAEA president Mark Hayward said: "Sadly, as the NAEA predicted, the Government's removal of the crucial stamp duty holiday for properties priced at £250,000 and under has hit the fragile first-time buyer market hard.
"At what is a very turbulent time for the economy ..........
Lenders and estate agents reported a rush to complete deals ahead of the deadline for the two-year concession in March, with sales which would have otherwise taken place later in the year being bunched up.
Lenders have been tightening their borrowing criteria amid the weak economy and the eurozone crisis, and borrowers with smaller deposits are expected to have a particularly tough time getting a deal in the coming months.
NAEA president Mark Hayward said: "Sadly, as the NAEA predicted, the Government's removal of the crucial stamp duty holiday for properties priced at £250,000 and under has hit the fragile first-time buyer market hard.
"At what is a very turbulent time for the economy ..........
Beylikdüzünde günlük kiralık daire hizmeti veren kaliteli firmalardan birisiniz,tebrikler.
ReplyDeleteNice post.I am a first time buyer looking for my dream house and this post was really helpful for me.
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