September News

Stamp-duty change – agent reports dramatic increase in buyer activity

24 September 2008

Following the Government’s temporary increase in the starting threshold for stamp-duty announced last month; local Estate Agent, Romans, report a big increase in the number of buyers looking for property up to the new threshold of £175,000.

Peter Coles, Director of Romans, commented "We compared the number of buyers that were registered on our buyer database up to £175,000 prior to the announcement and then again last week. There has been almost a threefold increase in the number of buyers registered and, in addition, there has also been an increase in properties for sale in this price-range with many properties previously priced at between £175,000 and £200,000 having been reduced to bring them into the new stamp-duty free price band".

He continues "I am confident that the current market place provides a great window of opportunity for first time buyers to get on to the property ladder. As long as buyers have a reasonable deposit, mortgages are much more readily available and rates are now the lowest they have been for years and predicted to be falling. This coupled with the excellent choice available and the fact that prices locally have already fallen 20%-25% from the peak means that, in my view, now is absolutely the right time for buyers to make a move either to their first property or up the ladder".

Romans local branches currently have over two hundred properties for sale that fall into the sub-£175,000 stamp-duty free zone - these can be viewed at romans.co.uk or by contacting your local office.

Bank of England Maintains Bank Rate at 5.0%

4 September 2008

The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 5.0%.

Courtesy Bank of England

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