First-time buyers 'rushing house purchases to escape stamp duty'

09-Nov-2009

First-time buyers are rushing to get on the first rung of the property ladder in order to escape stamp duty.

This is according to the National Association of Estate Agents (NAEA), which pointed out that people buying houses worth less than £175,000 are excempt from paying the tax until December 31st.

Spokesperson for the NAEA Trevor Kent said the time limit is "focusing their minds".

"Clearly those who are in a position to exchange and complete pretty quickly, are rushing at the moment because if they complete before December 31st … they will escape stamp duty," he commented.

In addition, Mr Kent said that although house hunters may be cutting it fine to buy a property by the deadline, it is "doable".

His comments come as Winkworth estate agents across the UK have reported a revival in demand from first-time buyers.

The firm noted the drop in enquiries from this demographic from 55.8 per cent to 19 per cent in 2008 - a figure that has now increased to 32 per cent.

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