First time buyer stamp duty 'should be paid by sellers'

07-Jun-2007

Stamp duty should be paid by homeowners selling their properties rather than the likes of first time buyers struggling to get on the property ladder, MP Peter Hain has claimed.

The Labour party deputy leadership candidate made the suggestion as part of his plan to reduce inequality, and suggested that affordability concerns would be eased by such a move.

Speaking on BBC Radio Five Live, the current Northern Ireland secretary advised that he was "really worried" about the situation.

"It could make all the difference having to find the deposit, pay the legal fees and so on if that were put on the seller because it's revenue neutral from the Treasury's point of view," he told the Simon Mayo programme.

"It's just an idea that maybe we should have a look at. It's an idea that I'm just putting forward as part of the consideration of how we support people getting on the housing ladder because I'm really worried about the situation," Mr Hain added.

Earleir this month the National Association of Estate Agents suggested that abolishing stamp duty was a measure the government should consider in its efforts to resolve housing problems.

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