'Stamp duty holiday' needed to aid first-time buyers

05-Jun-2008

First-time buyers should be given a stamp duty holiday to boost their confidence and the housing market as a whole, according to property experts.

Representatives for the National Association of Estate Agents (NAEA) also urged chancellor Alistair Darling to reduce the tax burden pressing on current mortgage holders.

"The NAEA is calling on the chancellor and prime minister to consider other options to give people a break, such as a stamp duty holiday for first-time buyers and temporary tax relief on the mortgage interest of people's primary residence," said Peter Bolton King, the body's chief executive.

He added that moves like these would "at least ease the difficulty that people in this country are facing" and give them the confidence boost needed to get the market on a more positive footing.

Mr Bolton King also suggested that banks have not been passing on interest rate benefits to customers.

"But what is clear is that interest rates are dislocated from the situation and that the banks are not, if anything the mortgage rates are getting tighter," he concluded, reiterating his call for action to ease market pressure.

Last week, the Intermediary Mortgage Lenders Association pointed out that mortgage advisers are an invaluable aid for first-time buyers attempting to navigate the current "bewildering" marketplace.

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Buyers benefit from advisor aid through 'mortgage maze' First-time buyer confidence 'dented', says NAEA

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