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| News » Residential Property Law » Housing market 'over-inflated and unsustainable' |
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04/09/2008
Housing market 'over-inflated and unsustainable' |
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A national campaign for affordable housing has condemned new government schemes designed to help the market saying that the current situation is "over-inflated and unsustainable".
PricedOut has said that far from helping first-time buyers, the money saved in stamp duty will simply be "added to the cost of the average house".
Katy John, from the PricedOut campaign has said that the stamp duty holiday will only serve to "prop up the property market".
Ms John said the government's scheme is "designed to help the developers who have built blocks of flats that people are no longer able to pay over-inflated prices for, and the investors looking to make a good return on their buy-to-let properties".
Under the new scheme, those purchasing residential property worth £175,000 or less will not have to pay stamp duty. The system will only be in place until September 3rd, 2009.
There will also be a scheme called HomeBuy Direct that will allow first-time buyers who have an income of less than £60,000 to apply for an equity loan of up to 30 per cent of the value of their house.
The total housing stock in the UK worth less than £175,000 currently stands at 48.6 per cent, according to research from Mouseprice. |
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