First time buyer stamp duty "should be abolished"

01-Jun-2007

Stamp duty for first time buyers should be abolished as part of a renewed effort to help prospective homeowners get onto the housing ladder, it has been suggested.

The National Association of Estate Agents (NAEA) has said that rate rises coupled with figures showing that first time buyers' share of the market has fallen significantly make urgent action a necessity.

First time buyers accounted for 29 per cent of sales in 2000 but just 11 per cent in 2006, the NAEA has advised. The group's share of the market also fell sharply according to the most recent figures available, from 12.6 per cent in March to 10.3 per cent in April.

"Abolishing stamp duty for first time buyers is one quick way the government could make a difference to this struggling group. We have continually urged for the government to make more concerned judgements for this fragile market, who are struggling to get a foothold due to this turbulent environment in which we live," commented NAEA president Stewart Lilly.

"This latest generation should be allowed to get onto the property ladder like their parents, and their parent’s parents did. Action is needed."

Earlier this week solicitors in Edinburgh called for a reduction in stamp duty for Scottish first time buyers, saying that current duty amounted to a "stealth tax".

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

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