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UK House Prices Forecasts and Predictions for Home and Property in the UK at 17th December 2006
| UK House Prices Situation: Strong UK House Prices Forecast: Continued slower growth into 2007 Stamp Duty Revenue Up By 175% in Six Years There was widespread disappointment amongst housing industry insiders this week after the Chancellor, Gordon Brown, failed to announce any updates to the stamp duty system in his Pre-Budget Report on Wednesday. Stamp duty is payable on house purchases over £125,000, with the top threshold set at £250,000. A recent report from the Halifax showed that the steady increase in the number of homes valued at over £250,000 has meant that revenue from the highest level of stamp duty has increased by 175% over the last six years. Homes valued below £125,000 are exempt from stamp duty, but very few homes now fall into this category, and it was hoped that the Chancellor might update the thresholds or consider linking them to inflation. Families Stay Put As Home Buyer Profiles Change While many mortgage lenders still seem to be focusing their products on married couples with children, new research carried out by the Birmingham Midshires suggests that the profile of home buyers is changing, and that mortgage lenders will need to adapt to this. Of the 13% of people who were planning to buy a home in the next 12 months, almost 20% were single and 21% were same-sex couples looking to buy together. In addition, nearly 25% of those planning to move were under thirty and 28% of likely buyers were looking to buy as an investment. A final twist on the traditional recipe was that 10% of those planning to move in the next year were doing so to downsize to a small, cheaper property. Unprecedented House Price Rises in Northern Ireland House prices in Northern Ireland have risen by an average of 32% in the last year, with some areas seeing rises of up to 65%, according to the latest University of Ulster quarterly house price index. Meanwhile local politicians, such as the SDLP's Patsy McGlone, have requested a meeting with mortgage lenders to discuss the growing number of house repossessions – up 130% since 2001. |
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