Sunday, September 21, 2008

Financial crisis: Stamp duty threshold has little impact on housing market, say Rightmove

By Myra Butterworth, Personal Finance Correspondent Last Updated: 12:26am BST 22/09/2008

Gordon Brown’s stamp duty initiative is appears to have had little impact on the housing market as new figures shows it is on its knees.
The latest gloomy property market survey reveals that house prices are continuing their down ward spiral, with the average asking price falling 1 per cent to £227,438 during the five weeks to September 13, according to property website Rightmove.
It brings further misery to home owners who are set to see the cost of mortgages soar following the deepening of the banking crisis last week and the increase in Libor – the rate at which banks lend to one another.

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