Across the UK in April surveyors saw the lowest number of new enquiries into purchases since August 2008.
The number of new enquiries fell most dramatically in London, with nine other regions in the UK following suit. Enquiries did, however, rise in East Anglia, the North of England and in Scotland.
Most surveyors also reported a fall in new instructions to sell.
The Royal Institution of Chartered Surveyors (Rics) say that the main reason for the decline is the new stamp duty rules which came into force on the 1 April, which mean that anyone purchasing a 'second home' will now be charged the duty at higher rates, ranging from 3% to 15% depending on the value of the property.
Rics also suggests that the upcoming EU referendum may be influencing people not to purchase in the uncertainty that surrounds the decision.
In the uncertain market, surveyors cannot see for certain what the future will bring, as prices and rents are expected to rise materially over the medium term.
The above is not legal advice; it is intended to provide information of general interest about current legal issues.
Here at Gepp & Sons we have the expertise to help you with all aspects of the buying and selling process, from residential conveyancing to tax advice. If you are considering buying or selling and would like a full breakdown of all known legal cost please contact our New Business Team on either 01245 343980 or email newbusiness@gepp.co.uk
