Confidence in property market riding high among mortgage providers
- 21st December 2017
- Selling Property News
Recent abolition of stamp duty for most first-time buyers likely to spur activity
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Confidence among mortgage brokers is riding high, with sentiment over the state of the market better than it has been for two years, according to reports.
The positive trend is being driven largely by increased activity in the mortgage market, with the average number of mortgages granted in the third quarter of 2017 up 8% on the previous year.
This is some pleasant Christmas cheer for sellers in London because it means that prospects for mortgage approvals – both buyers’ and their own – are looking good. A robust market should help maintain resilience in property valuations and oil the wheels of the sale and purchase process. With many people starting their search for a new home off in the New Year, this is timely news.
There was more good news last month when the Chancellor announced in the Budget that Stamp Duty would be abolished for first-time buyers up to £300,000. In London, it will be abolished on the first £300,000 of a purchase of up to £500,000 - this is a cut of up to £5,000.
This should provide stimulus to the market by helping would-be buyers who have been saving long and hard for a deposit take that first step onto the property ladder.
Stephen Ludlow, chairman at ludlowthompson, says: “Current indicators are very encouraging for sellers.”
“Mortgage activity is gaining momentum, underpinning sales, and brokers see good reasons to be upbeat. Budget moves on stamp duty should help keep the market ticking along, opening the door to property ownership and making it possible for more first-timers, thereby making it possible for aspirational homeowners to move up the property ladder."
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Mortgage activity is gaining momentum, underpinning sales, and brokers see good reasons to be upbeat
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