Since stamp duty was abolished for first time buyers with homes valued under £300,000 total savings have amounted to £284 million.
New stamp duty relief introduced by the government has saved first time buyers £2,300 on average when buying their first home.
Higher house prices and stamp duty mean the cost of moving home in London has risen to £32,092 or 47% higher than a decade ago.
The rate house prices are rising has slowed ahead of the EU Referendum with greater uncertainty expected from the Brexit vote.
There has been a 20% fall in demand for new-build homes and interest in the London housing market due to the EU Referendum.
Homeowners borrowed £8.2 billion for the month to April 2016 down £5.4 billion or 40% after a significant rise in mortgage activity last month.
Equity Release may involve a Lifetime Mortgage or a Home Reversion Scheme. To understand the features and risks, please ask for a personalised illustration. Equity Release may affect your entitlement to means tested state benefits and will impact on the size of your estate. For Equity Release London City Mortgages charge a fixed fee upon completion of £695. For Mortgages a fixed fee is charged on application. Typically this is from £295 up to £495 for the services selected.
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