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| STAMP DUTY SCHEME WILL BOOST HOUSING MARKET |
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The chancellor’s decision to offer Stamp Duty relief for first-time buyers on properties up to £250,000 will help stimulate the local housing market from the bottom up, according to estate agency network Sequence. The move to extend the Stamp Duty threshold for first-time buyers, as outlined in the recent pre-election budget, should offer buyers a much needed saving on their first home purchase and prompt those looking to upsize from starter homes to put their property on the market.
"The Government’s decision on Stamp Duty for new buyers combined with greater access to mortgage finance at 90 per cent loan-to-value should make it easier for first-time buyers to get on the property ladder,” says David Plumtree, Chief Executive, Sequence. “We have already seen increasing interest from new buyers as the housing market has improved but the decision to offer this group Stamp Duty relief under £250,000 will instil further confidence as buyers will have more money to put towards a deposit or the overall cost of moving home.
“It is also likely the new stamp duty threshold will prompt those upsizing to get their properties on the market as soon as possible,” David continues. “There will be an influx of first-time buyers entering the market so people with a property under £250,000 who are looking to upsize would be wise to take advantage of increased demand for their property.”
The Sequence national estate agency network, has seen greater activity across the market since the start of the year including a 20 per cent increase in houses being placed on the market and around 15 per cent increase in house prices in the last year.
“The decision to help first-time buyers by extending the Stamp Duty threshold is just one of many positive signs we have been seeing in the housing market over recent months,” David says. “I hope that the Government’s policy on Stamp Duty for those looking to get on the property ladder will provide a boost to couples and young families who want to buy their own home in 2010.”
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Further information:
For further information and photography, please contact the press office on 01525 215419 or email Julia Brook, Group PR Manager: Julia.brook@sequencehome.co.uk or Christine Webb, Group PR Executive: Christine.webb@sequencehome.co.uk
Notes to editor:
About Sequence:
Sequence is a wholly owned subsidiary of the Connells Group. Together, Connells and Sequence make up the second largest estate agency network in the country with almost 500 branches. The Sequence national network comprises over 290 branches trading under 11 well-known, local names. As well as residential sales, Sequence offers a mortgage service and has a network of residential letting offices and land and new homes centres. It also offers a nationwide asset management service and is the UK’s largest residential property auctioneer. For more information, visit sequencehome.co.uk
Sequence trades under 11 well-known, local names:
Allen & Harris West, South Wales and Scotland
Bagshaws Residential East Midlands
Barnard Marcus Within the M25
Brown & Merry Home Counties
Fox & Sons South Coast
Jones & Chapman North West
Manners & Harrison North East
Roger Platt Home Counties
Shipways West Midlands
Swetenhams North West
William H Brown Home Counties, East Anglia, East Midlands and Yorkshire |
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