8 Jul

Land Registry fees 'unlikely to impact the market'

Land Registry fees 'unlikely to impact the market'

Increases to land registry fees are unlikely to have a severe impact on the property market, it has been claimed.

Michael O'Flynn, content editor at FindaProperty.com, said that effect of the changes - which represents a spike of £50 on the cost of registering a property worth £153,000 - is likely to be minimal.

"Given the costs involved in buying and selling property such as stamp duty and surveys, I don't think this will weigh very heavily in the balance and is unlikely to have an impact on the market," he predicted.

However, he said that it would be beneficial for the housing market to have some of the administrative layers stripped away.

Purchasing processes are "quite bureaucratic", Mr O'Flynn argues, though he recommends that people should not cut corners when buying a home.

According to Hometrack, the average house in the UK currently costs £155,600 - a figure which has not fluctuated for three months.
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