Tuesday, 28 February 2012

NEW YEAR PROPERTY SALES REACH HIGHEST LEVELS SINCE 2008


HM Revenue and Customs (HMRC) have revealed that more property transactions took place this January than during any January since 2008.

Traditionally, sales in the new year decline, before picking up again in the spring, which saw property sales fall from 86,000 in December to 64,000. However, this total stands in sharp contrast with the 52,000 sales of January 2011.

On 24th March, the 1% stamp duty rate for first-time buyers will be re-introduced for properties worth £125,000-£250,000. Suggestions have indicated that the imminent end to the stamp duty concession has encouraged first-time buyers at the start of 2012.

In addition, gross mortgage lending that month reached £10.5bn, up 10% on the year before.

In spite of these figures, many are still finding it difficult to get a mortgage, and continued economic pressure has discouraged many more from making such a large financial commitment. By way of comparison, 115,000 transactions were recorded at the height of market activity in January 2007.


Property Sales See New Year Drop, says HMRC - BBC News