UK house prices were down 2.6% in value during November, representing an annual drop of 14.9% since last year according to new figures from the Halifax.
The vast majority of property professionals feel more must be done to boost the flagging housing market. More than half – 54 per cent – of estate agents surveyed said they did not have confidence in current Government policies and that more must be done, including a suspension of stamp duty. In addition, they called on the Bank of England to further cut interest rates.
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The temporary increase in the stamp duty threshold saw 51% of homebuyers avoiding stamp duty in September, compared with 22% in September last year. However, the number of house purchase loans was 57% lower than September 2007, according to new data from the Council of Mortgage Lenders.
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The National Association of Estate Agents (NAEA) has called on the Government to use its Pre Budget Report to help thousands of young people currently priced out of the housing market.
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Members of the National Association of Estate Agents (NAEA) reported last month that the housing market was clearly faltering under the strain of the Government’s indecision over stamp duty combined with the usual holiday slowdown and the current overcast economy.
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Commenting on new figures from the Royal Institute of Chartered Surveyors (RICS) showing that house sales have fallen to a record low, and house-builder Redrow’s announcement that profits have fallen by 46%, Liberal Democrat Shadow Chancellor, Vince Cable said:
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The temporary lifting of the stamp duty threshold to £175,000 is unlikely to have a significant impact on the UK housing market according to Savills residential research department.
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Following today’s announcement from the Government on a package of measures to help the current market including the stamp duty threshold being increased on properties worth £175,000 and under for the next 12 months, the National Association of Estate Agents has said that more needs to be done to restore confidence in the house market.
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The Government has announced an increase in the stamp duty threshold from £125,000 to £175,000 for residential property for the next 12 months.
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A second survey of members conducted by the National Association of Estate Agents (NAEA), the residential sales arm of the National Federation of Property Professionals (NFOPP), regarding the indecision caused by a possible Government Stamp Duty holiday announcement, shows that the crisis is still playing out in the housing market.
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The Association of Home Information Pack Providers has called upon the government to stop dithering over the suspension of stamp duty. AHIPP are supporting a call by the National Association of Estate Agents (NAEA) to provide clarity and certainty without delay.
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