Tue 26 Apr 2016
Estate Agent Today have highlighted what impact the rise in stamp duty has had on the property market according to the findings of this month’s NAEA report.
The National Association of Estate Agents (NAEA) says there is light at the end of the tunnel for first time buyers (FTBs) seemingly unable to afford to get on the property ladder.
It says sales to first time buyers were up in March and agents expect to see further increases in sales to the group as a result of the stamp duty surcharge.
Some 28% of the total sales made in March were to FTBs according to the NAEA, representing an increase of four per cent from February.
Some 39% of agents expect that the stamp duty surcharge will deter buy to let buyers and create reduced competition for FTBs.
“The last few months FTB’s have had to compete with landlords for the same properties and those landlords have really pushed hard to complete ahead of the rise in stamp duty. Now, in theory things should get easier for FTBs as we have seen with a slight increase in sales this month - as those seeking to buy to let will tail off.” says Mark Hayward, managing director of the NAEA.
“However in reality, it’s unlikely in the long term that FTB’s will notice a huge difference, as prices remain high and housing is in short supply. Government needs to significantly increase the number of homes that are being built in this country to really make a difference to those that are struggling to get on the housing ladder.”
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