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Selling your house in 2015? There are new rules…

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If you are selling your house in 2015 there are a few developments that you need to be aware of whether you are a first time seller or are selling your fifth property and well on your way to being a property mogul. If you are looking at how to sell your house we highly recommend reading our update on the selling market.

OnTheMarket Launch

OnTheMarket.com is a new property portal launched by a conglomerate of high street estate agents in a bid to fight off the pressures of online estate agents like ourselves. Estate agents that are a part of OnTheMarket.com can only post their properties on one other portal which means they are denying their clients access to huge swathes of the buyers searching for homes to buy.

It is now two weeks since OnTheMarket launched and whilst the website has provided a new option with a great design it is failing in its prime function which is to compete with the behemoths Rightmove and Zoopla. These are two of the most visited websites in the UK and at this stage OnTheMarket will struggle to compete.

Will Clark MRICS, SellMyHome.co.uk Director:

“Our recommendation is that if you choose to go with a high street estate agent and not with an online agent that you choose an agent who will ensure you receive the most coverage possible for your property. At the moment agents who use OnTheMarket.com just aren’t providing you with that.”

Stamp Duty

In December 2014, the government announced and enacted a dramatic change to the Stamp Duty land tax. Finally a progressive system of taxation has arrived and unsurprisingly it is suddenly a lot fairer and has made buying a home easier for 96% buyers. You no longer pay the tax rate on the entire price but now reflects Income Tax and is paid progressively on each chunk of value. The new rates can be seen below:

Up to £125,000 : 0%

£125,001 to £250,000 : 2%

£250,001 to £925,000 : 5%

£925,001 to £1.5m : 10%

Above £1.5m : 12%

Will Clark MRICS, SellMyHome.co.uk Director:

“The Stamp Duty change was as unexpected as it was overdue and represents significant changes for buyers of the average home in the UK. On houses sold at a price of £270,000 buyers are now making a saving of £3,500 when they complete which can only help to maintain the liquidity in the market and it provides a huge boost to first time buyers.”

UK house prices spiked in January

Last month saw a largely unexpected spike in January according to mortgage lender Halifax in the single biggest monthly increase since May 2014. Warnings of a pre-election slowdown seem a little off the mark at the moment even if the low numbers of completions can always distort the market somewhat. On the back of December’s 1.1% price rise there extremely positive signs with the property industry as a whole.

Will Clark MRICS, Director at SellMyHome.co.uk:

“With the UK economy continuing a steady positive progress there is an underlying strength in the property market at the moment. The latest CBRE findings point to a close correlation between the economy and house prices and with the UK economy performing well we are expecting a positive year in 2015.”

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