House price slowdown presents purchasers with a good ‘opportunity to buy’ property.

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With house price growth slowing, now is a potentially good time to buy property for anyone who can afford to do so.

Those aspiring to get a first foot on the housing ladder had their dreams boosted by the stamp duty relief announced by the Chancellor Philip Hammond in his last Budget.

But that does not mean first-time buyers still do not have a mountain to climb,before they can afford to buy their own property.

In November, Hammond announced that people purchasing their first property would see stamp duty scrapped on homes valued up to £300,000, and that for properties costing up to £500,000 it would not be payable on the first £300,000, with the standard 5% due on the remaining amount.

Couple outside house, son and daughter (5-7) sitting on wall, portrait

The policy change applies in England, Wales and Northern Ireland.

In Scotland,it has an independent system of land tax on properties valued at £145,000-plus.

But while tax and regulatory changes may not in itself be sufficient to aid many would-be first time buyers realise their dream of buying property, a dip in house prices may certainly also help

 

 

 

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