The Royal Institution of Chartered Surveyors (RICS) has revealed a reduction in the number of properties coming into the market, along with the number of buyers enquiring about them.
With house prices increasing at the slowest rate in over a year, it is hoped that the recent stamp duty shake-up will provide the market with a much-needed boost.
It comes as we pass the sixth month since May 2013 of witnessing the inflation slowdown, as well as slow growth in house prices. It began at a time when Help to Buy was revealed.
A spokesperson for RICS said:
“This has been an ongoing theme for the past year and it remains to be seen whether the change in stamp duty will encourage more property onto the market. Significantly, the average volume of inventories on surveyors’ books remains close to the record low.”
The Autumn Statement saw George Osborne announce that under the revamped rules, new pricing brackets meant that over 95% of people will pay less stamp duty. It is felt that this reform could see house buying transactions increase by around 5% over 2015.
The changes will in turn lead to increased business for those working in the mortgage sector, as home buyers seek information on the most suitable mortgage for their needs, along with the associated costs. You will be the professional trusted with providing clear and transparent advice, having undertaken your CeMAP training and passed the end exam to become fully accredited.