Government help would give first-time buyers 'hope for the future'

02-Jul-2008

The government has again been urged to provide help for first-time buyers, encompassing not only a stamp duty holiday but also temporary tax relief on mortgage interest.

Echoing this week's suggestion from the Association of Home Information Pack Providers (AHIPP) that a suspension of stamp duty would ease current affordability difficulties, a spokesperson for the National Association of Estate Agents said further action would ease pressure and "give consumers hope for the future".

"It is encouraging to see that the slowdown in house prices that Nationwide has reported for June has fallen to 0.9 per cent," remarked the representative.

"However, the market appears to be stabilising which should help begin to restore confidence in the market place," he continued.

"We have called for measures such as a stamp duty holiday for first-time buyers and temporary tax relief on the mortgage interest of people's primary residence."

According to AHIPP, a stamp duty holiday would ultimately be in the "government's own interests" as funds from the tax are expected to be down at least £1.5 billion this year.

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