Mortgage and Stamp Duty issues affect more than 1 in 10 buyers

Mortgage and Stamp Duty issues affect more than 1 in 10 buyers

Home movers are an important part of the property chain, and play a role in making sure that house prices remain headed in the right direction, as well as ensuring that there are always homes available for newcomers as everyone climbs the ladder. 

However, over the past few years, the number of movers in the market has reportedly not been as high as it might have been, with reports indicating that many people have been stopped in their tracks by financial issues. 

According to research from the Nottingham Building Society, as many as 11 per cent of homeowners, amounting to as many as 1.2 million households, said they have considered moving home in the course of the last three years, but had to put their plans on hold because of mortgage issues and Stamp Duty charges. 

Mortgage issues plagued as many as three per cent of movers, according to the study, with 327,000 people having been turned down for a mortgage when they were trying to move home, the research shows.

However, Stamp Duty, which has long been cited as one of the costliest parts of buying a home for those looking to get on, and move up, the property ladder, continues to be the biggest barrier. Of those surveyed, eight per cent said the cost of Stamp Duty was too high, and that they decided against moving for that reason. 

On top of financial problems, there are also a range of other hurdles that are preventing people from moving home at present. Some 25 per cent of those who were surveyed said a major issue the market has is that there are not enough suitable homes around. 

"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," said Ian Gibbons, senior mortgage broking manager at Nottingham Mortgage Services.