30 Nov Liverpool Housing Market 2017
Liverpool Housing Market 2017
We have entered the final quarter of the year and what a year it has been for the Liverpool Housing Market 2017. We have seen many changes for the good and the bad over the past year in Liverpool, but how has it affected the sell house fast Liverpool market?
We have seen a plethora of changes over the past year from Buy to Let, Stamp duty and also the effects of Britain leaving the EU. So what effects have these changes had on the sell house fast Liverpool market?
Buy to Let – As of April 2016 the government implemented a new BTL tax law that you cant offset your mortgage as a cost. In summary, unless your property is unencumbered. This makes it a lot of attractive proposition as a landlord. As such we have seen many investors and landlords dumping (selling) their stock in them as they are no longer viable investments. So what affects is this having on the Liverpool sell house fast market? We have found that is has increased the number of houses on the market. In turn, we have found that this has driven the house prices down in Liverpool. It has been researched that Liverpool is one of the slowest places to sell house fast with only Belfast behind see here
Stamp Duty Changes in 2017 – One hand gives and the other takes away. We have seen two miles stone changes in stamp duty in 2017. The first being the most recent in which FTB (first-time buyers) have been given complete SDLT (stamp duty land tax) exemption up to £300’000 (£500’000 inside London). This is allowing FTB to purchase a property for a little bit less and hopefully quicker as they won’t have to save up for Stamp duty. This is likely to increase buying activity on the market although I wouldn’t expect miracles as many young people are still expected to muster up a 30k deposit. So that’s the good news, however, there is always a bit of bad news. As of April 2017, the government has implemented a new tax law in which if you own a house and are looking to buy a send then you will have an extra stamp duty bill on top initial stamp duty. So if you are buying an additional house for £325000 then your stamp duty bill would be £16000. We have found that this is putting off buyers left right and center read more. This is slowing down the sales of those looking to buy an investment property or a second home. So to summarise, if your house appeals to a first-time buyer then you could be in luck.
Brexit – The word that has been on everyone’s lips since last year. Many have seen houses staying on the market for longer than normal due to Brexit. It seems that the general population is stalling on their plans until the Brexit bill is formally arranged. Can you blame them? House prices are very volatile at the moment and should you proceed with caution when buying or selling your biggest asset. We think you should.
If you are looking to sell your house in Liverpool and the open market isn’t giving you the results, then contact a member of our team today HHB.