SELL YOUR HOME QUICKLYCan Darling bolster the market for home buyers?
All home buyers’ eyes will be on Chancellor Alistair Darling tomorrow as he delivers his first Budget speech. Along with predictable forecasts of higher alcohol and green taxes, one of the biggest questions is what will happen to the property market.
Falling property prices are wreaking havoc on a British economy that relies heavily on property.
As a type of supposed property market remedy, talks of “kitemarking” mortgages have been doing the rounds. The plan is reportedly to kitemark packages of mortgages that are sold by lenders to investment houses according to their ‘quality’.
According to the Chancellor, this is aimed at lubricating the money markets out of the credit crunch. However, experts say that this should not have any positive affect on individuals’ mortgage borrowing.
What the experts say
Although industry experts have different views on what they would like to see addressed, the issue of stamp duty has been raised several times. Many feel that the current stamp duty regime is placing an unfair tax on young buyers who can least afford it.
Because thresholds for stamp duty have not risen in line with property prices, it is also suggested that Darling increases the threshold to £250,000 for first-time buyers, or even exempt them from stamp duty altogether.
Will he be the home buyers’ darling?
After all is said and done, we all know that what the experts hope for and the powers-that-be decide on, are often two entirely different things.
Will Darling be able to save the property market? The proof will ultimately be in tomorrow’s pudding.
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