30 Mar 2012
Nationwide Latest - House prices down 1% annually for 1st time in 6 months
Nationwide have just revealed the average house price is down 0.9% in March 2012, compared to £163,327 a year earlier, and is the biggest annual property fall since June 2011. Nationwide believe the slowdown is due to changes in stamp duty rules which came into effect this year. From Saturday 24th March 2012, 1st time buyers must now join other house buyers in paying 1% tax on properties worth more than £125,000 – a 2-year stamp duty holiday, which has now come to an end.
Current stamp duty thresholds:
1%: Properties of more than £125,000 up to £250,000
3%: More than £250,000 up to £500,000
4%: More than £500,000, up to £1m
5%: More than £1m, up to £2m residential property only
7%: More than £2m, residential property only
The tax break helped many 1st time buyers and had a positive impact on the property market as a whole. However, now the rush to beat the deadline has come to an end, the predicted slowdown has occurred. With less home buyers in the property market, whether they are 1st time or not, means there will be less offers on homes that need to be sold quickly. If you need a quick house sale due to personal and confidential reasons Stewart Property Buyers can help you. We buy any house in any condition so act now and sell your house fast today. We can buy your house in 10 days or 3 months, we let you decide on a completion date to suit your circumstances.
Fill in our enquiry form and we will be in touch to discuss your needs.
All the best
Stewart Property Buyers Team