Brown 'should help hard-pressed first time buyers'

22-Jun-2007

Nationwide Building Society has become the latest high-profile industry body to call for incoming prime minister Gordon Brown to focus his attention on the plight of first time buyers.

In a statement outlining many of the financial concerns facing Britons as the chancellor prepares take over from Tony Blair, Nationwide has said that stamp duty is of particular concern to first time buyers.

Keeping stamp duty thresholds in line with house price inflation from 1993 onwards would have seen £85,000 added to the current threshold of £125,000, the building society advised.

"Gordon Brown, the chancellor […] raised the thresholds of stamp duty – but we think he can do much more as prime minister. We call upon him to take a stand and make significant changes to show that the nation’s new prime minister is committed to making a difference," said Nationwide executive director Stuart Bernau.

The recommendations follow similar advice from the likes of Rightmove and the National Housing Federation, both of which have called for Mr Brown to make housing a priority.

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

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