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LIVE24SEVEN // Property & Interiors


Fine & Country ON THE HORIZON


There’s a lot going on in the news today. Jonathan Handford, from Fine & Country Leamington Spa, takes a look at what’s been announced for 2015 and how it may impact home ownership.


The newspapers are full of reports on the real estate market and they are often contradictory and confusing. Looking at what’s coming, there are a few issues likely to have an impact on home ownership in 2015.


December saw much talk about stamp duty reform and this is having an effect on property sales in January. The stamp duty reform has been widely hailed as a boost, particularly for first time buyers trying to get into the housing market, and it seems to be having a knock-on effect on house building.


The new scheme works much the same way as income tax, leaving many buyers with more cash in their pockets. While it doesn’t benefit high-end property buyers, all buyers up to £937,500 will benefit and the move could be particularly beneficial to first-time buyers.


This reform has somewhat undermined the case for a proposed tax on high-value homes known as the ‘mansion tax’. If the mansion tax is instituted, it could


have wide-ranging implications for owners of high-value properties as the levy would be imposed on all properties valued over £2 million, which would then be subject to an annual tax rate of 1%. The key word here is could. There is no guarantee that the legislation will pass – opposition is vocal and the stamp duty reforms have impacted the effectiveness should it go ahead.


The new pension rules due to take effect in April are also likely to impact the property market, with the rules allowing people to invest their pension pots in property. This is anticipated to boost the market, with people expected to purchase properties that they will rent out to provide an income in their retirement. Buy-to-let specialist Assetz is predicting a 7 percent increase in property values across the UK in 2015 on the back of stamp duty cuts and the pension reforms.


With voters heading to the polling stations in May, the election itself may also have an impact on the property


market. When the result of an election is uncertain, the property sector tends to temporarily slow as people adopt a wait and see approach. Following the election however, it's likely that the price of prime property in general will start to pick up again. Demand will return and there’s likely to be a healthy rate of growth.


The first half of the year promises to be an interesting time, with the property market settling in the latter half of the year. Overall, the market is in relative health and looks set to continue in this vein.


For advice on selling or buying property, please contact Fine & Country Leamington Spa on 01926 455950 or visit www.fineandcountry.com


Andrew Grant


FINE & COUNTRY


With 300 locations worldwide and offices locally in Leamington Spa, Solihull, Rugby and Coventry WWW.FINEANDCOUNTRY.COM


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