Knock Knock News: Surging house prices, stamp duty issues, commuter belt, income issues for first time buyers.

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UK housing prices reach all-time high

UK house prices surged again last month by 1.9%, taking the annual growth to 10.5% which means the national average cost of a house now stands at £224,242 according to estate agent group Haart. London prices rose by 1.5% taking the national average in the capital to £510,925. The lack of supply is likely to see house prices continue to rise. However, in London prices are expected to level out as a result of stamp duty.

Source: City AM

Estate agents want stamp duty reform

UK estate agents believe that chancellor George Osborne’s Stamp Duty changes from last year are causing a major issue in the housing market. Estate Agent Chestertons believe that properties over £1.4 million have been hit hardest and it will directly impact the government’s revenue. Head of research for Chestertons, Nick Barnes, argues “At the very least stamp duty should be capped so as no buyer is being asked to pay a disproportional [sic] percentage.”

Source: Estate Agent Today

Commuter belt properties on the rise

With property in London becoming increasingly unaffordable many are looking to places outside the capital to live in and commute into town. With the average flat costing £400,000 in London and the national average house price across the country being nearly half that at £286,000, these commuter belts are becoming a logical choice for those in need of more space. One such hotspot is up and coming Bicester, which is 46 minutes on the train into Marylebone and has an average house price of £312,460.

Source: Property Reporter

The hardest places to sell in the UK

According to research, six out of the top 10 hardest places to sell a property in the UK are all within the M25. London sellers can expect an average of 16 viewings of their property before they achieve a sale. At the other end of the spectrum Carlisle sellers can expect an average of as little as six viewings on their property before a sale is made.

Source: Property Reporter

First time buyers need to earn £50,000 to get on the property ladder

The national average salary is £26,500 a year so you’ll need to be earning well above that to get on the property ladder. With property prices on the rise, owning a property is becoming a luxury for those with large salaries. One solution to this is joint-ownership but with property prices rising considerably faster than average wages, even this could prove problematic in the future.

Source: The Daily Mail

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