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Stamp duty freeze is welcomed
HOUSE hunters hoping to take advantage of the 12-month stamp duty freeze will have plenty of properties to choose from in Eastbourne, according to local estate agents.
As Britain's house prices fall at their fastest rate since the early 1990s the government has moved the one per cent stamp duty threshold from 125,000 up to 175,000 for one year. The aim is to kick-start the market and 'help people with the current economic difficulties they face', according to communities secretary Hazel Blears.
Paul Denness, of Town Property, Eastbourne, says this is good news for local buyers as there are a range of homes under 175,000 for sale in Eastbourne.
Town Property is currently marketing 131 flats and houses within that price bracket.
Mr Denness said, "The Eastbourne property market has dipped in value over the last few months so we are seeing lots of houses and flats in the area that are priced at 175,000 and less.
"If people have been thinking about buying, now would be a good time because they will be making that one per cent saving.
"I think this will be good for first time buyers but also for second time buyers too.
"People who bought a small flat as a first time buyer are now in a good position to move up the property ladder.
"However, I think if the government had put the freeze on for six months it would have been more effective in creating a short term boost for the property market.
"Albeit that we may feel that boost in nine to 10 months' time, just before the freeze stops."
Mike Reid, of Reid and Dean, Eastbourne, said, "It will help a considerable amount of people and there is a reasonable range of property at that price."
Mr Reid explained buyers looking at properties around 175,000 in Eastbourne could expect to find two bedroom flats and small houses in need of modernisation.
The government has also announced a number of other changes. These include free five year loans of up to 30 per cent of a property's value for first time buyers of new homes and the chance for councils and housing associations to pay off debt for homeowners who can no longer afford mortgage payments and then charge rent.
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Weather for Eastbourne
Thursday 09 February 2012
Today
Sunny spells
Temperature: -1 C to 3 C
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