| Industry News |
|
| News » Residential Property Law » Housing market 'over-inflated and unsustainable' |
|
04/09/2008
Housing market 'over-inflated and unsustainable' |
|
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. |
| |
| Related Articles |
13/01/2010
Residential property prices show new rise
The price of residential property in the UK has continued to increase, according to new figures from the Department for Communities and Local Government (DCLG).
|
06/01/2010
Prime property supply 'set to rise'
The supply of prime properties is set to increase after the general election this year, it has been predicted.
|
04/01/2010
Opportunities to invest in new build properties 'to rise'
Those looking to invest in new build property will get more opportunities to do so in 2010, it has been suggested.
|
31/12/2009
London property investment demonstrates resilience
The residential property sector in London has demonstrated greater resilience compared with other regions over the course of the past 12 months, Land Registry figures have revealed.
|
30/12/2009
Mortgage market competition 'to increase'
Those investing in property will be able to enjoy an easing of finance in the property market in 2010, it has been predicted.
|
News Archive