Stamp duty and mortgage issues block homemovers

Jessica Nangle

April 11, 2017

More than one in 10 homeowners have decided against moving property due to stamp duty or mortgage issues, research from Nottingham Building Society has revealed.

The study found 11% of mortgage customers give up on plans to move house in the past three years due to being turned down for mortgages, and the cost of stamp duty stopped around one in 12.

Home movers aged between 18 and 44 were most likely to be deterred by the cost of stamp duty.

Q&A: Ian Ward, The Mortgage Partnership

This research comes after the Council for Mortgage Lenders announced it will be launching a study into why the number of those moving is in decline.

Ian Gibbons, senior mortgage broking manager at Nottingham Mortgage Services, said: “The mortgage market is generally performing well.

“There are a wide range of deals and advice available for all types of borrowers but the home moving market is still not expanding which points to wider issues than simply mortgages or stamp duty as the blocks in the market.

“Home movers clearly are also struggling to find suitable homes to move to which turns the spotlight on improving their existing homes rather than moving.”

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