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2014 could put many homes out of reach for buyers


It is expected during 2014 that house prices could increase by 8%, which would push the average house price above £250,000. According to the property website Rightmove this increase is said to be caused by a combination of growing confidence in the housing market and the lack of supply of homes coming onto the market.

The average British home will cost a buyer between £250,000 and £300,000, which means stamp duty that has to be paid on a house purchase will jump from 1% to 3%.

Many housing experts have been calling for the Government to lift the 3% stamp duty level, as they fear that this could ‘put-off’ those wanting to take the next step on the housing ladder.

There have been many contributing factors throughout 2013 that have seen house prices rise at an encouraging rate, with banks showing a renewed appetite to lend and the additional leg-up by the Government with their ‘Help to Buy’ scheme, has offered many house buyers hope of owning their own property.

Buying a house, whether it is your first, second or third can be a stressful and confusing time. If you have any questions on buying a house especially relating to mortgages please get in touch with one of our money advice specialists.

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