Chancellor 'must help FTBs'

12-Nov-2008

National Association of Estate Agents president Chris Wood says chancellor Alistair Darling must suspend stamp duty to help first time buyers in the economic downturn.

He said the bill facing FTBs who are looking for their first mortgages has more than doubled in the last five years and called on the chancellor to cut stamp duty costs when he announces his pre-budget report.

The government has already increased the stamp duty threshold in response to the economic downturn - a move which saw 51 per cent of homebuyers avoid the tax in September, according to data from the Council of Mortgage Lenders.

But Brits struggling to afford their first mortgages - many of whom could be relying on parental help - need to see the stamp tax suspended as many young adults are still priced out of the market, Mr Wood suggested.

"As it stands, stamp duty is a tax on aspiration - disappointing during an economic boom but unforgiveable in a faltering economy," he added.

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