Expert: Stamp duty won't affect first-time buyer mortgages

18-Dec-2009

The end of the stamp duty land tax holiday is near - but it will have little effect on first-time buyer mortgage seekers, according to one expert.

Lucian Cook is director of residential research at Savills and said when the zero per cent rate is no more from January 1st, the only thing that will suffer is sentiment.

This is because not having to pay stamp duty for the past few months on properties costing up to £175,000 only provided a "relatively small saving" when compared to price movements in the industry.

Mr Cook said the tax is not even that much of a significant amount given that first-time buyers usually have to shell out for other lump sums such as deposits and agency fees.

He also commented on how many people who want to get on the first rung of the property ladder are doing so at the moment.

"They generally need to be able to rely on the bank of mum and dad."

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