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13/01/2010
Stamp Duty 'Has Little House Price Impact'
Despite the reversion of stamp duty in Northern Ireland, more prices fell than rose in the local housing market in December.
The Royal Institution of Chartered Surveyors (RICS) survey said it also expects house prices to stay the same for the next three months.
The rate at which Stamp Duty Land Tax applied reverted back to £125,000 from £175,000.
"In parts of Northern Ireland, many first time buyer homes are selling for less than £125,000 anyway," said RICS Northern Ireland spokesman.
"And around 40% of Northern Ireland has a stamp duty threshold of £150,000 rather than £125,000 because they are classed as a disadvantaged area.
"In these areas, with prices where they are now, the holiday was perhaps viewed as largely irrelevant.
"That said, areas of Northern Ireland with higher prices and which are not designated as disadvantaged areas, will likely see an impact of the ending of the holiday."
Of those surveyed, 69% reported stability during the final quarter of 2009, saying that prices had neither risen nor fallen. The majority of the remaining respondents (23%) said that pries fell by up to 2% in the period, with others reporting marginal price increases, or larger falls.
(NS/GK)
The Royal Institution of Chartered Surveyors (RICS) survey said it also expects house prices to stay the same for the next three months.
The rate at which Stamp Duty Land Tax applied reverted back to £125,000 from £175,000.
"In parts of Northern Ireland, many first time buyer homes are selling for less than £125,000 anyway," said RICS Northern Ireland spokesman.
"And around 40% of Northern Ireland has a stamp duty threshold of £150,000 rather than £125,000 because they are classed as a disadvantaged area.
"In these areas, with prices where they are now, the holiday was perhaps viewed as largely irrelevant.
"That said, areas of Northern Ireland with higher prices and which are not designated as disadvantaged areas, will likely see an impact of the ending of the holiday."
Of those surveyed, 69% reported stability during the final quarter of 2009, saying that prices had neither risen nor fallen. The majority of the remaining respondents (23%) said that pries fell by up to 2% in the period, with others reporting marginal price increases, or larger falls.
(NS/GK)
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