Leicester property market gets a budget boost

Leicester property marketing - Phillip Hammond holding red case

The Leicester property market was given a huge boost after the Chancellor’s Autumn budget announcement today. There’s been very little to excite us in recent times with regards to budget announcements but we believe the Stamp Duty news will really help the local Leicester property market, James, Readings Sales Director comments:

“The Chancellor’s announcement to exempt first time buyers in England from paying stamp duty on properties under £300,000 will have a positive impact on the market.

Those buying a property between £300,000 and £500,000 will not pay stamp duty on the first £300,000 but will pay 5% on the remainder. This will help those first time buyers saving for a deposit as the cost of buying a £300,000 home has reduced by £5000. The savings in Leicestershire will obviously be more modest as our average first time buyers rarely purchase their first home at £300,000

We need to realise that this move will increase the demand for first time buyer properties and if we don’t have the supply it will push prices up.”

We are very pleased with this change which comes into effect today (Wednesday 22nd November). This news is sure to encourage first time buyers onto the property ladder and help keep the property marketing moving. Energising the local market will bring many advantages, it will keep property chains moving and ensure that first time buyers can focus on pulling a deposit together without a Stamp Duty charge to boot!

More news that will impact the Leicester property market

  • 300,000 new homes a year, an amount not achieved since 1970!
  • £44 billion of financial support for house building over the next 5 years – that’s more land for the government to buy and build homes.
  • The government will also create 5 new ‘garden’ towns.
  • The planning system will change to encourage more house builds while protecting the green belt.

If you’re a first time buyer or home owner and want to know more about how this news benefits you, please call us on 0116 222 7575 or send us an email: sales@readingspropertygroup.com.

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