The Cml Recently Said The Number Of Mortgages Applied For In First-time House Buyers Accumulated Tow
The Council of Mortgage Lenders have said the statisticss of mortgages agreed for
in first-time property buyers accumulated towards the close of the previous year with 18,700 property loans in December, which was a 7 percent rise from November and 14% which was up on December 2010.Both the CML and The Royal Institution of Chartered Surveyors feel the influx is to avoid the deadline prior to the end of the current 1 percent stamp duty holiday in March on properties under 250,000 with current statistics from Her Majesties Revenue and Customs suggesting that, first-timers purchasing a property are ramping up the house market in an attempt to avoid the March 24th due date for the end of the Stamp Duty holiday.'
Additionally, the NAEA has claimed a diminutive increase in the number of home sales to new homeowners, reporting that in January sales were up to 2 percent compare with December house sales increasing the argument that the initial six months to this year could be buoyant.
Michael Newey, RICS housing representative, said: "The fact that first time buyers will not be excused from stamp duty seems to have encouraged at least some people in that category to attempt to buy a house before the cut off date. As a upshot, surveyors are relatively hopeful for the near future."
NAEA president Wendy Evans-Scott defined: "new homeowners appear to be benefitting of the Stamp Duty exemption before it comes to an end in March."
Although there is the very imminent threat that it could connect to a lull in transactions in the coming tax year resulting in more volatility in housing prices as first time buyers, yet again, have to find substantially increased deposits to get on the housing ladder. Pair this with the other fears in the financial market as a whole at the moment creates a recipe for a very precarious 2012.
David Whittaker, of Mortgage Brokers Mortgages For Business, indicated: "There is a very impending danger that the deadline of the first time buyers stamp duty break will cause the beginning of a new slump at the base of the property market as a rush to complete purchases before the deadline is followed by an activity decline."
"We have been seeing signs a flow of new homeowners on to the market, as the stamp duty exemption ends in March, and December's findings appear to indicate this has now come to light," said Paul Smee, the council of mortgage lenders director general.
"With the eurozone crisis still continuing on, nevertheless, we indicate there is still a potential that 2012 lending levels will be reduced than those noted in last year."
Although the shadow Chancellor George Osbourne said that the tax break that was announced under the last government had not been as successful as many people had thought and stated the conculsion of the exemption in March 2012. It is yet to be seen if there will be any change of policy in the upcoming budget.
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