Craig Vile, director at ValPal, reacts to Autumn Statement:
November 25, 2016
_We needed some bold announcements on property from the Chancellor today but all we have seen are temporary sticking plasters to appease the market.
In reality the ban on letting agent fees will not benefit tenants, the costs have just been passed over to the Landlords, which will in the end be passed on to tenants through increased rents, or restrict the buy to let market.
It_s disappointing and short sighted that the chancellor hasn_t made any changes to stamp duty. Disproportionate stamp duty taxes at the upper end of the market over the last two years have done more damage than anything else in restricting transactions, including Brexit.
Releasing funds for the build of new homes is a positive move but this needs to be more, to meet demand _ again a conciliatory move.
Surely it_s no revelation that a buoyant property market is good for the economy.ÿÿWe need to see policies in place to enable and increase a free flow of transactions from the top end of the market to the bottom.ÿÿ
We would call for reduced stamp duty across the board particularly on second homes and more help for residential developers.
Currently at ValPal, our valuation data shows the market as fairly stable, but it needs a boost if we are not going to see a drop off in transactions over the next year, as the impact of Brexit kicks in._
You May Also Enjoy
Breaking Property News – 24/04/24
Daily bite-sized proptech and property news in partnership with Proptech-X. Smart Spaces delivers the world’s first implementation of HID’s mobile credentials in Google Wallet at Workspace Mobile access control integration makes entry to The Light Bulb building effortless for customers London, April 23, 2024 – Smart Spaces announces today that it has partnered with trusted identity provider,…
Read More An average rate of 6% for the first time since November – Rightmove’s weekly mortgage tracker
Headlines The average 5-year fixed mortgage rate is now 4.89%, up from 4.45% a year ago The average 2-year fixed mortgage rate is now 5.29%, up from 4.75% a year ago The average 85% LTV 5-year fixed mortgage rate is now 4.82%, up from 4.42% a year ago The average 60% LTV 5-year fixed mortgage rate is now 4.36%, up from 4.15% a year ago The average monthly mortgage payment on…
Read More Understanding Property Valuation: A Simple Guide
Ever asked your self, “How a amazing deal is my house simply simply well worth?” Whether you’re thinking of promoting, thinking of searching for, or just simple curious, identifying a property’s rate can experience like navigating a maze without a map. Yet, do not agonize. This sincere guide will stroll you via the necessities of…
Read More Aberdeen is cheapest city to be a first-time buyer
New analysis reveals that Aberdeen is the cheapest city to be a first-time buyer with an average asking price of £102,602: The average monthly mortgage payment for a first-time buyer in Aberdeen is £406 per month, assuming the buyer has a 20% deposit, and a mortgage term of 35 years Data from UK Finance shows…
Read More Breaking Property News – 23/04/24
Daily bite-sized proptech and property news in partnership with Proptech-X. Agents urged to review AML policies following recent HMRC fines Recent substantial fines issued by HMRC are a harsh reminder to agents to ensure that their Anti-Money Laundering (AML) policies are up to date, and they have control testing in place. This is according…
Read More Spring activity boost pushes asking prices close to new record
The average asking price of property coming to the market rises by 1.1% (+£4,207) this month to £372,324, just £570 short of the record in May 2023, while the annual rate of price growth is now +1.7%, the highest level for 12 months: A key factor behind this growth towards a near-record average price is…
Read More