First-time buyers 'should be exempt from stamp duty'

21-Mar-2006

First-time buyers should be exempt from paying stamp duty in order to help them get on the property ladder, according to Alliance & Leicester.

The plea came after research by the bank revealed that over 60 per cent of first-time buyers are looking to spend over £120,000 on their first home, which will mean they will be subject to the tax.

Tax advice can be sought from the FirstRungNow tax advisor

Figures show that almost half of first-time buyers are looking to spend over the average house price on their first home.

Experts are now claiming that the government has a real chance to help first-time buyers by excluding them from having to pay.

Aspiring first time buyers considering affordable housing options should work with a good mortgage broker

"We are calling on the chancellor to scrap the tax for first time buyers completely. These potential homeowners are the life blood of the housing market," Stephen Leonard, director of mortgages at Alliance & Leicester said.

He went on to say that the average age of first-time buyers is now well into their 30s, but many people would like to get on the property ladder sooner and are prevented from doing so by the tax.

Aspiring first time buyers wanting advice on mortgages, to find out how much they can borrow and how much it will cost, should request advice from the UK’s leading High Street Brokers, Bradford and Bingley.

Aspiring first time buyers considering affordable housing options should work with a good mortgage broker

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