HMRC : UK Property Sales still going up
HM Revenue and Customs (HMRC) stated that during this year, property transaction was increased. Transaction in March almost 19% higher than last year at same period. Besides that, last three month was busiest since 2008.
Transaction in England, Scotland and Wales were increased since February, but slow at the beginning period of this year. This enhancement dominated by newly-built homes with lender’s help.
In the Budget, Chancellor George Osborne confirmed plans to extend the first phase of Help to Buy, which was launched in England last spring, until the end of the decade.
This is aimed at increasing the supply of newly-built homes, with the second phase of the scheme designed to help those with a regular income, but little in savings, to get on the housing ladder.
But in the other sides, there is Changes in UK mortgage rules, which have already been implemented by many lenders, are aimed at reducing the likelihood of excessive borrowing, which many people argue created an unsustainable housing boom during the last decade. This could reduce some demand from buyers who may find that an application takes longer to process, or a home loan becomes harder to secure.