First-time buyers 'set to miss out' as stamp duty holiday ends
11-Dec-2009
First-time buyers hoping to avoid
stamp duty on their
first mortgages must act quickly as the pre-Budget report has outlined plans to reinstate the charge next year in a move industry leaders have branded "disappointing".
The current stamp duty holiday, applying to homes worth up to £175,000, will end on January 1st 2010 - meaning residential properties worth over £125,000 will be liable to pay a one per cent charge, according to chancellor of the exchequer Alistair Darling's report.
Director of the Building Society Association (BSA) Adrian Coles, citing Nationwide Building Society statistics, said the average house price was now £162,764.
"Extending the holiday would have provided much needed relief to many first-time buyers aspiring to get a foot on the housing ladder," he concluded.
The Royal Institution of Chartered Surveyors called for a "fundamental overhaul" of the housing tax system, insisting that the changes the chancellor laid out were insufficient.
Mortgages that are completed before the end of this year are still eligible for the stamp duty holiday.
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