Stamp duty criteria 'difficult to assess' as house purchase approvals fall

Stamp duty criteria 'difficult to assess' as house purchase approvals fallNew data reveals that the number of house purchase approvals fell by two per cent in February.

The Bank of England's figures did state that approvals were up by 20 per cent over the year.

According to the Council of Mortgage Lenders (CML), this is in line with its forecasts for a "subdued" market.

CML chief economist Paul Samter suggested that continued "economic and political" uncertainty was affecting the property market but did hint that the stamp duty holiday may lure some people into considering buying a house.

However, Mr Samter was keen to stress that "it is extremely difficult to assess how many potential buyers will qualify and what the impact will be".

Today (March 30th), Nationwide also revealed a slight month-on-month increase in house prices for March and an annual increase of nine per cent compared with the same time last year.

Continued difficulties with stamp duty exemption, deposits and fewer buyer approvals could encourage people to look for property to rent in the London borough of Richmond-upon-Thames, or elsewhere in the UK instead.

By Chris Price

Published 30th March, 2010

© 2010 Estates IT Limited

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A fall in house purchase approvals together with a 'difficult' criteria for stamp duty exemption may mean people looking for property to rent in the London borough of Richmond-upon-Thames, or elsewhere in the UK instead

Stamp duty criteria 'difficult to assess' as house purchase approvals fall

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