Stamp duty costs and mortgage problems are being blamed for over a million people giving up on buying a home. In addition, the lack of suitable homes on the market has meant that 25% of potential buyers have given up looking for now.
- Younger potential homeowners are not finding houses they want in the current market. They look but chose not to buy.
- Stamp duty is expensive and is one of the problems contributing to the lackluster market.
- Mortgage lending in Britain declined in comparison to the previous year and there seems to be no foreseeable improvement ahead.
"There are a wide range of deals and advice available for all types of borrowers but the home moving market is still not expanding which points to wider issues than simply mortgages or stamp duty as the blocks in the market."