It has been reported that the number of newly agreed house sales fell during April, indicating that the end of the stamp duty holiday has discouraged first time buyers from beginning the residential conveyancing process.
The Royal Institution of Chartered Surveyors (RICS) has stated that 19% of surveyors have reported price falls as opposed to rises, and 17% believe that prices are set to drop further.
Peter Bolton King, RICS housing spokesman, said, “Renewed concerns over the economy and talk of a double-dip recession dominating the headlines in recent weeks may well have served to undermine consumer confidence.
“What’s more, the continuing lack of affordable mortgage finance is still hindering many first-time buyers who cannot afford to get a foot on the property ladder.”
Although the number of houses being put on the market is being described as “stable”, lenders and estate agents have expressed concerns that the end of stamp duty holiday meant that a number of house sales, which would have otherwise taken place over the year, were squeezed into March instead.
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