You may have read about the effects on the housing market of the Government’s recent decision to charge an extra 3% Stamp Duty Land Tax to the buyers of second homes. We now have a few statistics to back that up which you might find interesting. In March 2016, property sales were at their highest level since before the 2008 recession. According to figures from HM Revenue and Customs, there were 161,990 sales of properties for more than £40,000 (SDLT is not payable on transactions of less than that) in March. This figure is a 75% jump on the number of transactions completed in February and 77% higher than in March 2015. Meanwhile, the Council for Mortgage Lenders said that lending had reached its highest level since the credit crunch. Gross lending rose 43% compared with February and 59% compared with March last year to £25.7billion, the highest figure since March 2007.
Perhaps, not surprisingly, things are a little quieter during April but we still have plenty to do!
If you want any help with any house sale or purchase, please contact Julie Rowan at firstname.lastname@example.org or call 01208 72328.