Stamp duty, mortgages and that referendum

Stamp duty, mortgages and that referendum

The clocks have now sprung forward and Easter has passed for another year, so the countdown to summer is really on.

We're right in the heart of a busy time for the property market – particularly for buyers who will be keen to get out and about viewing properties in the spring sunshine.

With all this property activity buzzing along, here at Tepilo we've put together our latest property news round-up to help you stay one step ahead of the rest when selling your home…

 

Stamp duty deadline is here

It's been rumbling on since November, but as of tomorrow (April 1) – and no it's not an April Fools – purchasers of buy-to-let properties and second homes will have to pay an additional 3% in stamp duty land tax.

The official deadline is actually 11pm tonight (March 31) and it's been well-documented that high numbers of investors have been trying to squeeze through deals this week in order to avoid the additional charge.

It's also been widely reported that the stamp duty surcharge has been responsible for a huge surge in housing demand in the first few months of 2016. More on that later…

 

Buyers wooed with mortgage deals

Those thinking about purchasing a home will be pleased to hear that during February there were over 17,000 mortgage products available.

There were almost 5,000 more available in February this year than in 2015, according to Mortgage Advice Bureau.

The firm also reported that the average two-year fixed rate mortgage fell to 2.54% in February and the average three-year fixed rate mortgage rate fell to 2.92%.

Now is a great time for buyers to find a competitive mortgage – something which will also therefore benefit sellers in the long-term.

 

House prices rising...again

The latest official figures from the Land Registry show that in the year to the end of February, house prices increased by 6.1%.

The organisation says the average UK house price is now £190,275 – a little bit lower than the figure recorded in January.

London was once again top of the pops – recording house price growth of 13.5% in the past 12 months, while the only fall in house price growth was recorded in the North East at 3.2%.