Stamp Duty – good news for first home buyers
Good news for people who are looking to buy their first home this week, with the government announcing that first home buyers who purchase property under £250,000 will be exempt from paying stamp duty. This is a great benefit for first home buyers and it will be a great saving which they could possibly now add to their deposit or it will simply allow more people who may not have previously been able to enter the market to purchase a home of their own.
David Smith from the Times commented that “Alistair Darling’s Robin Hood coup in last week’s budget was the two-year stamp-duty holiday for first-time buyers of homes up to £250,000, paid for by a permanent increase in the duty to 5% on £1m-plus properties. Clearly, there will be mixed feelings about this.
Despite the skepticism, stamp-duty holidays work, as previous experience has shown. Provided the bureaucracy can identify who is a genuine first-time buyer — a divorced wife or husband who was previously a joint owner will not count — this should give the market a boost, which is why the housing industry has welcomed it.”
Stephen Brown, Director of our Crouch End shop has said that “if we start seeing banks lend more then this will be a nice saving. Hopefully the stamp duty saving should be good for first home buyers as this will give more money to their deposit.”
Either way you look at it this will help more people purchase their first home which is a good thing!
Is now the time to sell or let your property?
We have found that in Crouch End house prices are going up due to the shortage of properties on the market, and that demand is outweighing supply. If you are looking in Crouch End have you found this to be the case?
Interesting information from the RICS website states that “The supply of new properties coming on to the rental market has fallen for the second consecutive quarter possibly bringing an end to the downward trend in rents that has been in place since the autumn of 2008, says the latest RICS lettings survey. This follows five quarters of negative readings, and is in marked contrast to April last year when 58 percent more Chartered surveyors were reporting falling rents, an all-time low for the survey.”
Stephen Brown, Director of our Crouch End shop has said “rental shortages are occurring, and rental prices seem to be going up. 3 properties at this shop alone went for considerable higher prices from when they were let a year ago.”
If you are looking to sell or rent out your property now could be the time to do it!
New River Village - The perfect place to buy or invest
New River Village, which is located next to the Pump House Restaurant and bar has great amenities and is in a fantastic location. 469 residential units make up the village, you will find varying unit sizes from studios all the way up to 4 bedrooms. These units have been designed with style and sophistication, and the development also offers a concierge service, gynasium and spa facility. Located less than 200 metres from Hornsey train station, its a stones throw away from the excitment of the city centre. This is definitley a place to check out if you are in the market for a new home.
Click here to go to the Greene & Co website to check out our listings for this development
Interview with David Pollock
For an insider view on the current state of the property market take a look at this five minute interview with David Pollock, Managing Director of Greene & Co and Urban Spaces, to get his take on the market today. David talks about both Urban Spaces and Greene & Co, market changes, the use of portals and what makes Greene & Co different from other agencies.
