First-time buyers may benefit from rising capital gains tax

03-Jun-2010

An increase in capital gains tax could discourage buy-to-let landlords and benefit those considering first-time buyer mortgages, says one property market expert.

Helen Adams, managing director at FirstRungNow.com, says a change in the law could put off people considering buying a second property, a home which would prove more beneficial to a first-time buyer.

"Anything that helps to leave more properties that are more affordable for first-time buyers is going to be a good thing," states Ms Adams.

Shared ownership is also becoming more popular, according to FirstRungNow.com, because of reluctance to lend among mortgage providers and the high cost of first homes.

Many people considering a first-time mortgage are exploring joint ownership options or enlisting help from parents in a bid to make buying a property more affordable, says Ms Adams.

Last month, the coalition government announced plans to increase the personal allowance for income tax to help lower and middle income earners. They also agreed to address taxes on non-business capital gains, such as those from property, with exemptions for entrepreneurs.

Published by Joshua Scott

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

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