Such is the connection between buyers and sellers in the property market, positive news for prospective buyers is also regarded as positive news for vendors looking to sell their property. The more prospective buyers there are in the market, the greater the number of people that property owners can sell to. It is vital that property owners looking to sell their home focus on the needs and interest of the buyers but knowing that there are more prospective buyers looking for homes should be a comfort for homeowners.
Figures provided by HMRC suggest that more than 121,000 first-time buyers have received support from the stamp duty exemption introduced by the Government. This measure was implemented in November of 2017, and figures for the first seven months of the scheme are now available.
Many first-time buyers now receive a helping hand when purchasing property
From the change near the end of last year, any first-time buyer purchasing property at less than £300,000 have paid no stamp duty at all and any first-time buyer purchasing a home worth under £500,000 do not have to pay stamp duty on the first £300,000.
Government figures for this period indicates that a total of £284m has been saved by first-time buyers through the stamp duty cut. 52,400 of the transactions have been undertaken in the second quarter of 2018 and the Treasury believes that in the next five years, over one million people will make their way on to the property ladder thanks to these changes.
The Financial Secretary to the Treasury, Mel Stride, released a statement, saying; “Once again, we can see that our cut to Stamp Duty for first-time buyers is helping to make the dream of home ownership a reality for a new generation – exactly as we intended.”
Not everyone approves of the Government intervening in the property market
While there has been criticism for the way the Government has intervened in the property market, any first-time buyer who has received support to buy a home will be grateful for the assistance that is on offer. Anything which helps to lower the initial costs of buying property can only be of benefit to first-time buyers and the longer-term expectations for this market are pleasing to hear.
At Philip Ryan, we know that selling your home is difficult and that vendors are looking for as much assistance and guidance as possible. While having more people looking for homes is a positive, you need to make sure that you have a clear focus on the buyer you are trying to reach and that you present and promote your home in a manner that helps you reach these buyers.
As local estate agents, we know the local market and we are here to ensure that you position your home in the most effective manner. If you are looking to take advantage of the increasing numbers of first-time buyers stepping onto the property ladder, contact us and we will be more than happy to help.