Government has 'perfect opportunity' to help first-time buyers

11-Mar-2008

The imminent budget will provide the government with a good chance to help first-time buyers by addressing stamp duty, it has been claimed.

Latest data from the Council of Mortgage Lenders has revealed that first-time buyers took out loans for around 88 per cent of a property's value in January, down from 90 per cent in December and January last year.

The average first-time buyer was required to borrow 3.32 times their income to secure a mortgage, down from 3.38 in December and 3.31 in January 2007.

Commenting on the findings, CML director general Michael Coogan said: "Tomorrow's budget presents a perfect opportunity for the government to do what it can to help first-time buyers by raising the stamp duty threshold.

"While we don't believe there is one silver bullet solution to problems in the wholesale funding markets, we welcome the Treasury's recognition of the problem and willingness to work with the industry."

The Council of Mortgage Lenders is the trade association for the mortgage lending industry.

Government urged to address stamp duty Just Nine Lenders Still Offer 100 Per Cent Mortgages

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