Stamp Duty and conveyancing are growing worries for home owners - Estate Agent Today
- Date: 26/03/2019
A large-scale survey by a consumer group has revealed that over half of home owners regard stamp duty as a growing problem; conveyancers’ fees, the rise of gazundering and threat of negative equity are increasingly worrying too. The HomeOwners Alliance's annual survey - involving a sample of 2,000 and regarded as a snapshot of home owner sentiment - lists a range of issues that are of increasing concern for the home-owning public.
“People crave more certainty in the housing market – that the price agreed at point of sale will be the price paid. Reservation agreements to be piloted by government should reduce peoples’ concerns over gazunderng and gazumping” explains Paula Higgins, the HOA chief executive.
The survey is supported by BLP Insurance and its chief executive Kim Vernau says the results “cast another dark shadow over a housing industry rife with systematic faults.”
Vernau continues: ‘The government scheme has buoyed the residential sector, keeping prices artificially high, but cracks have started to appear, and its collapse could leave thousands of first time buyers stranded in negative equity. In an already stagnating market, where harmful practices like guzundering are commonplace, poor quality of build and the plausible threat of depreciating asset value are compounding pre-existing caution from potential buyers and investors.”
Read the full article on Estate Agent Today.