Prices fall in March
House prices rose from 7% to 10% during 2009, but fell in the last month possibly due to the increase in properties for sale. The recent budget 2010 just announced will make little difference to most householders and those entering the market will see no end to the crisis. First time buyers will enjoy the lowered prices and the stamp duty break on propeties under £250,000.
As you can appreciate this creates more problems for certain sellers, imagine your property is now worth £250,000, do you sell and lose 3% or be patient? This legislation will boost 3.8million potential properties but lose money for quite a few. There must be a better solution that benefits everyone. Like young families, first time buyers seem to be the chosen few for New Labour. The rest of the market pays for subsidies to them, first time buyers usually stay for a few years in their chosen property therefore can breaks for first time buyers be seen as viable to get the market moving? Once on the ladder are we expected to endlessly move home when the market is down?
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