WHERE
HAVE ALL
THE PROPERTIES
GONE?
by Bob Bickersteth
W
elcome to the 26th edition of our property magazine.
You will read in the regional market comments that
every region has a lack of properties available for sale.
According to The Sunday Times data compiled shows that at
this time in 2014 878,388 homes were on sale across England.
Today there were only 745,901 – a 15% fall but this masks
regional variations with East England down 21%, South East
down 20% and the North East down by 1%.
When the Chancellor unveiled the reforms to Stamp Duty Land Tax in December 2014, it was widely
expected to kick start the housing market for properties under £1m across England. He triumphantly
announced that moving house would be cheaper for 98% of buyers. After many decades of the
unfair slab system, the new marginal rates were expected to encourage people to put their homes
up for sale, especially around £250,000 and £500,000 where sudden leaps in stamp duty had
previously paralysed the market. However, the number of homes for sales hasn’t surged but has
actually dropped. Whilst a slow down was to be expected leading up to the General Election, the
post – election bounce has never fully materialised.
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