House Prices Fall in March

House prices fell in March following the end of the stamp duty holiday for first time buyers. All properties will now be subject to the minimum 1% stamp duty. The slowdown in the housing market has been evidenced even in London where there has been a noticeable fall in demand. The market has been affected by a number of factors recently, including a recent rise in interest rates in the first quarter of 2012, concerns over the Eurozone,  the threat of a double dip recession in the UK and rising oil and energy prices.

George Osbourne’s recent budget is unlikely to improve matters as he has proposed a 7% stamp duty hike for houses over £2m and a clampdown on companies purchased through companies.