How Much Stamp Duty Will I Need To Pay?
Posted on 14th April 2020
The Royal Institution of Chartered Surveyors has warned that house sales, prices and rents could slide as a result of the Corona Virus.
MG Legal, Property Law Solicitors in Lancashire have noted that the Royal Institution of Chartered Surveyors believe that house prices will fall over the next 12 months along with a dip in rents in the near term as well, although the prediction is that they will plateau out over the next year.
The Royal Institution of Chartered Surveyors (RICS) has reported that looking at housing prices over a 12-month time frame, the net balance was looking negative.
In particular, we at MG Legal Solicitors in Garstang have noted that Estate Agents have closed their doors during the current lockdown and the buyer demand has plummeted. With the number of homes sold in the UK expected to plunge by 60% in the next three months this news hardly comes as a surprise.
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RICS has suggested that government intervention is likely to be needed to bring the housing market back to normality once the virus recedes. RICS has stated that they believe that as we emerge from the crisis, the finances of potential homebuyers will be under strain and the burden of stamp duty could put buyers off. They report that for those who can afford to move they may lack confidence in the market which could add to the slow down so a stamp duty holiday could be one way to reactivate the housing market quickly.
This Property Law Solicitor believes that this could be a good idea particularly as Zoopla have said that the new listings on its site in the first week in April has dived by 83% compared with the same a week a year ago.
That said Savills have stated “Virtually all our under-offer stock is still progressing at the original agreed prices.”
Property Solicitors and Conveyancing Expert’s haven’t seen many sales fall though although there are many who have decided to put their transaction on hold simply because they cannot move at this stage.
Our top-rated Property Lawyers in Garstang are still taking new instruction so why not contact us now via enquiries@mglegal.co.uk or call 01995 602 129 for a free quote!
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