Recent weeks have seen a number of important announcements with regards to the property market here in the UK, such as the stamp duty cuts revealed in the Chancellors Autumn statement. These sweeping changes to the stamp duty system, which came into effect immediately, saw the old slab style system replaced with a graduated one that operates much in the same way as income tax.
According to The Guardian, the changes mean that buyers could ultimately make substantial savings. For example buyers purchasing a home worth £275,000 would be expected to pay £4,500 less in tax than under the previous system.
Significantly, the Chancellor’s announcement has come in the wake of several indications of late that the housing market here in the UK is showing signs of ailing, after a period of relative boom earlier in the year. For example, there have been a number of reports in recent months suggesting that house prices are falling once again, and furthermore that there has also been a reduction in interest from new buyers, signifying that the housing market may be losing some of its momentum.
However, these reforms are thought to have the potential to have a positive impact on the housing market here in the UK, and have been welcomed by many. Indeed according to The Telegraph, the changes to the stamp duty system are predicted to give the housing market a much-needed boost. As outlined in the article, a leading survey of property agents from the Royal Institution of Chartered Surveyors has revealed that these experts believe there could be an increase in sales of up to 5pc over the course of the next 12 months, as homeowners put their properties back on the market in the hopes of achieving a higher price and quicker sale.