We look into buyers views on moving costs & stamp duty

We look into buyers views on moving costs & stamp duty

We're often reminded about people's concerns when it comes to buying or selling a home.

In fact, we've written numerous blogs flagging up Brits' biggest issues with the moving process.

The cost of relocating as well as having to pay stamp duty are often cited as issues that could put people off buying property.

And for many prospective buyers, they will remain so.

However, the 2016 Homeowner Survey, conducted by YouGov on behalf of the HomeOwners Alliance and BLP Insurance, shows that our concerns around these two issues aren't as acute as they once were.

The study of 2,000 adults found that 52% see stamp duty rates as a concern in 2016, compared to 64% in 2014.

This drop in negativity is likely to be as a result of George Osborne's stamp duty overhaul at the end of 2014.

It's been suggested that in the first year of the new system, buyers saved a collective £1.9 billion. We've got the full details here.

What's more, in this year's survey, 50% of adults said they were worried about conveyancing fees, this is compared to 61% in 2014.

And, 54% said they were concerned about estate agents' fees, falling from 64% just two years ago.

These are positive statistics and show that for some prospective purchasers, certain buying barriers are slowly being overcome.

The study also showed an upswing in the number of non-homeowners who would like their own place.

Some 73% of those surveyed who didn't own a home said they aspire to purchase a property in the future.  

This figure has jumped up from 69% last year, 68% in 2014 and 65% in 2013.

If more people are looking to buy homes this is of course good news for the nation's property sellers, as their pool of potential purchasers will be larger.

The increase in homeowner aspiration could be down to a number of factors.

One could be that non-homeowners may feel like buying a property is slowly become a more realistic target, thanks to the introduction of a number of initiatives like the Help to Buy ISA.

 

What are aspiring homeowners worrying about?

Of course, there are still some very real issues which need to be addressed and these have been reflected by the responses of those taking part in the study.

Some 82% of respondents said the ability to get on the property ladder is a serious problem and 80% cited saving for a deposit as a serious problem.

Nearly 8 in 10 aspiring first-time buyers are worried about the shortage of housing and 52% noted that they see quality of available housing as a serious problem.

Looking across the regions, the highest level of housing concerns was recorded in London. In the capital, those surveyed were the most worried about house prices, availability and quality of housing, gazumping and several other issues.

The most positive viewpoints were recorded in the North West and Scotland.