24 Jun

Increase in houses for sale 'result of homebuyers trying to get profit'

Increase in houses for sale 'result of homebuyers trying to get profit'

The recent rise in the number of houses for sale on the property market is the direct result of homeowners trying to make some profit before the Budget changes take effect, it has been suggested.

According to first-time buyer consultancy company Firstrung chief executive Paul Holmes, the increase in the number of sellers is not to do with the suspension of home information packs (Hips) but a premature fear of the capital gains tax changes the government was likely to make in the emergency Budget.

He said: "I think the rush is [because of] sellers en masse being very concerned that this summer may be their last opportunity to exit the property market with some profit."

Mr Holmes' comments were in response to the recent figures released by the Rightmove House Price Index, which revealed that there had been a 22 per cent increase in sellers coming onto the market after the government suspended the use of Hips.
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