Upcoming changes to stamp duty should motivate first-time buyers to buy a property.
\nThe average price of a UK home ended 2024 close to the \u00a3300,000 mark, according to the UK’s biggest mortgage broker. Its calculations suggested UK house prices increased by 3.3% when comparing the end of the year to the start, although the average value dipped slightly in December. It means the average home now costs \u00a3297,166.<\/p>\n
In April, house buyers in England and Northern Ireland will start paying stamp duty on properties over \u00a3125,000, instead of over \u00a3250,000 at the moment. First-time buyers currently pay no stamp duty on homes up to \u00a3425,000, but this will drop to \u00a3300,000.<\/p>\n
Housing experts expect sales to increase over the next few months, ahead of the\u00a0stamp duty changes, before falling away afterwards. There is also an expectation of a steady reduction in interest rates during 2025, potentially starting with a cut in February, which could mean lenders cutting the cost of new fixed mortgage deals in anticipation.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Upcoming changes to stamp duty should motivate first-time buyers to buy a property. The average price of a UK home ended 2024 close to the \u00a3300,000 mark, according to the UK’s biggest mortgage broker. Its calculations suggested UK house prices increased by 3.3% when comparing the end of the year to the start, although the […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[3],"tags":[],"class_list":["post-4456","post","type-post","status-publish","format-standard","hentry","category-news"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9PjAq-19S","_links":{"self":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts\/4456","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/comments?post=4456"}],"version-history":[{"count":1,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts\/4456\/revisions"}],"predecessor-version":[{"id":4457,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts\/4456\/revisions\/4457"}],"wp:attachment":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/media?parent=4456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/categories?post=4456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/tags?post=4456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}