Homeowners face economic changes affecting housing costs

express.co.uk

Homeowners and buyers are warned of potential challenges in the coming weeks as economic changes take effect. Starting from April 1, new stamp duty rules will lower the relief thresholds for first-time buyers and those moving homes. This could increase costs significantly for many, potentially making homeownership less affordable. Mortgage advisor Adil Choudry expressed concern about these changes, stressing that for some, it could be the difference between buying a home or not. He urged decision-makers to consider the challenges faced by first-time buyers who are already dealing with high house prices and a cost of living crisis. Additionally, the future of Lifetime ISAs (LISAs) is uncertain. These tax-free savings accounts are seen as a vital tool for first-time buyers. However, experts are worried that without raising the property price cap, LISAs may not benefit those in more expensive areas. Current homeowners are also weighing their options. Many are unsure whether to fix their mortgage rates or wait for possible rate cuts. With the average variable rate at 7.99%, locking in a new fixed-rate deal might still be a better choice. Experts believe that while significant changes to the mortgage market are not expected at the end of the month, minor adjustments could occur. Staying informed about these developments is crucial for homeowners and buyers. Seeking help from a mortgage broker and comparing market deals may provide peace of mind in uncertain times.


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