South Holland could see a surge in house sales in the first quarter of the 2015 as buyers make the most of changes to Stamp Duty Land Tax (SDLT).
Buyers are expected to get in quick as the savings announced in the Autumn Statement could change again with an uncertain outcome to May’s general election.
Jacob Bell, branch manager of Spalding’s We’ll Let Your House, said: “We are forecasting a noticeable increase in sales in the first quarter of 2015 and indeed an increase in the purchase of investment property, which in turn will have a positive effect on the currently very buoyant rental market we have in South Holland.
“Usually we would expect to see this surge in the spring and, of course, the busy summer months – but due to the general election in May there is uncertainty about the amount of time people will have to take advantage of this hence the forecast being in the earlier part of the year.”
The overhaul of stamp duty will benefit 98 per cent of home buyers.
There will be no tax on the first £125,000 paid – then two per cent up to £250,000 and five per cent up to £925,000. Higher rates apply for homes costing £1.5million or more.
Graham Wakefield, senior partner with Holbeach solicitors Mossop and Bowser, said: “The changes to SDLT will initially be of great benefit to the vast majority of house buyers locally and, as a result, to the local economy generally.
“However, should 2015 see a significant rise in house prices, the new SDLT rates will need to be indexed to that inflation and I trust that the Government will bear this in mind.”