This follows news this week that fewer sellers than ever before entered the housing market in the five weeks to 13 September.
Barnetts is slashing £100.00 from its standard conveyancing fee for all properties beneath the new stamp duty threshold. The move comes in response to the Government’s year-long suspension of stamp duty on properties costing less than £175,000.
Up to half a million people in the UK are expected to benefit from the stamp duty holiday. It was announced earlier this month as part of Gordon Brown’s long-awaited housing rescue package and represents savings of up to £1,750.00 on the cost of buying a property.
Tony Swift, conveyancing partner at Barnetts, explained: “Although the Government’s interventions will have an impact, it is time for the industry to rally together and put positive measures in place to support those who remain uncertain about whether to enter the property market.
“As a high-volume conveyancer we have seen a decline in the number of sale and purchase cases which, in part, results from a lack of confidence at the lower end of the housing market, particularly amongst first time buyers.”
