Property

Property prices across the UK have continued to show monthly rises now for more than six months in succession. Recent figures released by Nationwide and Halifax show that house prices are now at the same level as they were one year ago. The average price of a home in the UK is now £161, 816. Prices have recovered strongly in London and there are signs that as the economy comes out of recession, property prices will continue to progress in a the right direction. Torquay estate agents have commented that they are busy for this time of year and that the number of completions have begun to increase. These are good indicators of improvement, but until the major high street banks start lending to buyers at increased levels and in greater numbers the market still has a long way to go.

As the situation currently stands if you buy a property up to the value of £175,000 you don’t pay any stamp duty on the purchase. However, this situation is due to change as of 31 December 2009, as the suspension of duty is due to be reintroduced. The temporary changes to Stamp Duty were introduced on 2 September 2008. What happens next is open to debate as Chancellor Alistair Darling and Treasury officials have not ruled out reintroducing the tax for those buying homes worth between £125,000 and £175,000 in the New Year. Nationally the gov’t could have forfeited more than £274 million on 174,000 house purchases. In the current economic climate such funding would sorely missed.

Some Torquay Estate Agents have recently commented that Torquay property prices and sales are beginning to pick up in certain parts of the English Riviera. The strongest areas are Babbacombe and St. Marychurch. This may be due to the fact that both areas have continued to thrive despite the downturn. In Spring 2009 the Cary Arms opened in Babbacombe, a chic and stunning Hotel and Inn overlooking the sea and St Marychurch has seen a raft of new upmarket shops open in the past year and several improvements to an already unique village location. Now is a great time to buy with some good value properties on the market and prices are likely to continue rising in this unique part of South Devon.

To view properties for sale in Torquay, visit www.torquayrealestate.com

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