Agents calling for stamp duty break
ESTATE agent Your Move has called on Chancellor Alistair Darling to give first time buyers a stamp duty holiday in today's Budget.
It believes the health of the housing market is at risk because first time buyers are finding it harder to buy homes in the wake of the credit crunch.
Industry experts predict a drop in activity in the housing market in 2008 as the wider economy feels the knock-on effects of tighter credit.
Your Move say that reduced levels of first time buyer activity is in nobody's interest and that abolishing stamp duty to give first time buyers some financial relief would shore up the wider market.
Your Move managing director David Newnes said: "Many first time buyers need to borrow in excess of the value of their home to cover moving costs, fees and stamp duty.
"If they were given a break from stamp duty, the surplus costs of buying a home would drop dramatically. The Chancellor cannot afford to ignore the effect the credit crunch has had on first time buyers' ability to borrow.
"Darling must act now if he is to resuscitate the housing market.
"We are calling for the stamp duty threshold for first time buyers to be raised to £250,000."
The Council of Mortgage Lenders said the proportion of first time buyers paying stamp duty at the end of 2007, was 63 per cent.
David Bexon, managing director, SmartNewHomes.com, said: "The Chancellor has no choice but to use his first Budget to restore confidence to first time buyers across the country.
"Stamp duty must be scrapped for this group is crucial to the success of the economy. We need less tax burdens and more help for first time buyers and now is the perfect opportunity to bring them back to the market."
4:01pm Thursday 13th March 2008
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