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News & Updates
In an attempt to give the ailing property market a shot in the arm, the government has axed stamp duty on any properties sold for less than £175,000. The move has been welcomed by lenders, who have been calling for governmental intervention after the property market has seen a 10% decline in values as the credit crunch has reduced mortgage approvals to their lowest levels since records began.
Sceptics (and I speak with confidence as a lifelong member) are less optimistic - the move will affect around half the properties in the UK but even the cheapest properties available in the new band will require a £25,000 deposit to attract more affordable mortgages and a £12,500 deposit for any chance of securing the required finance.
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