First-time buyer advice: CGT could help

28-Jun-2010

Posted by Sam Franklin

The recently announced increase in capital gains tax (CGT) could help the residential property market become a more competitive place, one expert's first-time buyer advice has noted.

Helen Adams, managing director of FirstRungNow.com, stated those looking for first-time buyer advice should welcome the changes, as many buy-to-let landlords may sell some of their housing portfolio.

She said: "Many landlords may sell their properties, which may even serve to bring down prices a bit. Maybe it might make more properties available for a first-time buyer, which would be good."

However, Ms Adams advises that with VAT also rising to 20 per cent, many people will be increasingly cautious with their personal finances and as a result, will tighten their purse strings, although first-time buyer advice could highlight affordable home loan opportunities.

According to the recent Markit Household Finance Index, some 27 per cent of British homeowners have reported a deterioration in their household finances in the wake of the coalition government's emergency Budget announcement.

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