Independent Financial Life Planners Bishop's Stortford: Moving gridlock

Monday, 20 February 2017

Moving gridlock

If you are trying to move you might be having trouble at the moment with the high stamp duty and a lack of supply meaning that the number of people moving house has fallen for the first time since 2011. The figures, produced by Lloyds Bank suggest the drop coming after four consecutive years of growth suggests that fewer "second-time buyers" can afford to move to a larger property, and that older people are not downsizing.

Former Conservative Chancellor Lord Lawson recently described the stamp duty as a tax on mobility calling for Chancellor Philip Hammond to reduce it in the Budget, due to take place on 8th March.

It was the former Chancellor George Osborne who reformed the tax at the end of 2014, meaning that anyone buying a home worth more than £937,000 would have to pay a higher tax bill. The average cost of moving has also increased reaching £11,000, with rising stamp duty costs, estate agents' and conveyancing fees.

But Lloyds figures seem to show that first-time-buyer numbers are actually up 7pc, suggesting that the slowing housing market is largely down to homeowners who are unable to move up the housing ladder. Andrew Mason, the banks' mortgages director, said: "Whilst higher prices will have lifted equity levels for many current owners, the low availability of the ’right type‘ of homes for those looking to move up the housing ladder may have constrained market activity. "Just 2.6pc of the housing stock is currently classified as retirement housing. According to estate agent Knight Frank

If you are looking to downsize or move on Enables IFAs can help talk it through.

http://www.telegraph.co.uk/personal-banking/mortgages/housing-gridlock-homemover-numbers-fall-first-time-since-2011/

Issued by: Enable Independent Financial Life Planners •  25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE

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IFA Bishop's Stortford

At Enable Independent we know that our clients trust us and rely on our advice to help them to plan a better, more secure financial future. This is a responsibility that we take very seriously especially because we know that many clients have chosen us on the recommendation of friends and family. Each one of our advisers has deep expertise in their area of specialist knowledge and, as a team, we hold some of the highest qualifications available in the financial advice industry.

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