Earlier Start To House Buying Season Predicted For Dorset
9:07am 27th December 2014
The Dorset housing market is set to spark into life earlier than usual this year, according to a local law firm.
Battens Solicitors expects things to get going this month after the major changes to stamp duty came into force.
It means buyers here will make a saving of over four and a half thousand pounds on average.
Battens solicitor Sarah Ford said: "We were anticipating a busy Spring with market confidence and economic conditions continuing to steadily improve but now with the reform of stamp duty creating greater affordability, we expect to see more people placing their property on the market, and doing so earlier in the year."
"Many will have been researching their options over the Christmas break and will enter the market early in the New Year, so we expect the traditional Spring lift to come forward to January."
"The long overdue reform of stamp duty has already been very well received and we expect this positivity to continue as people begin to realise savings and see increased availability in the market."
"We have expanded our already strong property department this year as demand for our services steadily increases and we are looking forward to helping more clients in the New Year."
First time buyers attempting to climb on the first rung of the housing ladder and buy-to-let investors will benefit from the reform, with more affordable properties and a greater number on the market.
Homeowners looking to upgrade beyond the £250,000 mark will benefit as they will no longer be affected by a leap from 1% stamp duty to 3% at the £250,001 price tag.
Sellers who have been stuck at cliff edge valuations, such as £250,000, when their property is potentially worth more will also have more room to manoeuvre on price.
The previous stamp duty system was based on amounts owed jumping at certain threshold levels.
This has been replaced by a graduated rate, with different amounts of duty due on the parts of a property's value that fall into five new bands. They will no longer pay the same rate on the entire purchase.