'Majority of Britons' want stamp duty reform

20-Mar-2007

New research suggests that a majority of Britons would like to see the rules governing stamp duty changed to positively discriminate in favour of first time buyers.

According to the results of a study by GE Money Home Lending, 58 per cent believe that a new first time buyer stamp duty exclusion band should be created, while 71 per cent hold the opinion that the band should be set according to regional house prices.

The study was carried out by Dynamic Markets on behalf of GE Money Home Lending, which involved the questioning of 1,003 consumers.

"As Gordon Brown prepares to deliver his budget, it is clear that the vast majority of consumers feel that current stamp duty bands do not work and that something needs to be done," said Duncan Berry, director of mortgage sales at GE Money Home Lending.

However, 38 per cent of respondents are not in favour of setting an exclusion band for first time buyers, believing that to do so would be unfair.

Find out more about the house-buying process including stamp duty, home information packs and conveyancing click here.

GE Money offers a number of financial products, including credit cards and loans.

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