Autumn property market in Norwich
The weather is definitely turning more autumnal and i’ve heard several comments from people about putting their central heating on already!
This is obviously going to be something people are very mindful of this year, with energy prices going up but there are some other impacting factors which have happened in the last few days which I will tell you about as well.
On the 22nd September we saw an increase in interest rates taking us to the highest level in over 10 years, however, people have been so used to extremely low rates for so long, that this looks a lot worse than it actually is!
Stamp duty Cut
The really good news is that on the 23rd of September the stamp duty level has been increased for purchasers. For those of us that live in beautiful Norfolk this is outstanding news because the average house price in Norwich is around £275,000 and as of then, stamp duty is not payable up to £250,000
Even better than this, for first time buyers they will not have to pay the stamp duty until they reach £425,000!
This will not be applicable for investment and 2nd home purchases who will still pay the increased 3% rate.
Overall this does give a little bit of a mixed message with the bank of England increasing rates and the Chancellor encouraging property movement by holding off on stamp duty land tax. But if you throw in the change in national insurance tax, things are looking a little bit better for a lot of us and perhaps its no so doom and gloom after all.
Things in general are notoriously quieter this time of year as we slip towards winter but we are still seeing a good level of new stock coming to the market and we are still booking lots of viewings and taking lots of offers. The market has not run out of steam yet!
If you would like to talk about any of these points or the market in general then please give us a call on 01603 432000.
