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Follow on Google News | Commenting on today's budget, Grenville Turner, Chief Executive of CountrywideThis lack of supply and growth in demand looks set to continue, as today's budget did not provide any incentives for buy-to-let landlords
By: Countrywide "However it is disappointing to see a lack of measures to assist the vast majority of homemovers. A stamp duty holiday for all purchases up to £250,000 would have been a welcomed boost to the resale market. "Mortgage accessibility and affordability remains a critical issue, as 70 percent of all mortgages applied for in 2010 required a minimum of 25 percent deposit.* As the UK's largest mortgage broker and letting agent, our records show that many buyers are still unable to raise the large deposits currently required by mortgage providers. This is increasing the demand for rental properties. So far this year we have seen a 14 percent fall in the number of rental properties available on the market, whilst the number of tenants applying for rental accommodation has hit a record high – with a 37% increase on last year. "This lack of supply and growth in demand looks set to continue, as today's budget did not provide any incentives for buy-to-let landlords. Despite the increase in capital gains tax being lower than originally expected, the 10 percent increase will invariably make new investors think twice." # # # Countrywide (http://www.countrywide.co.uk) is the UK's largest estate agency and property services Group operating more than 1200 branches across England, Scotland & Wales. Countrywide's properties can be viewed on http://www.propertywide.co.uk End
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