Government 'should extend stamp duty holiday to help first-time buyers'

10-Nov-2009

The government should extend the stamp duty exemption on certain properties in order to encourage more first-time buyers to step onto the first rung of the property ladder.

According to the National Association of Estate Agents (NAEA), this would be a good way to keep the momentum of market recovery going - something demonstrated recently by new figures.

Demand for housing is currently outstripping supply, according to the organisation, which pointed out that there are five house hunters registered for every available home.

This is based on the NAEA monthly market survey, which showed that 22 per cent of purchases were made by first-time buyers.

Gary Smith, president of the group, said the government and the banks should do more to stimulate the market and ensure enough property is available.

"A good place to start would be for the government to extend the stamp duty holiday, which mainly affects first-time buyers and is currently scheduled to end in December," he remarked.

HM Revenue and Customs stamp duty rates currenlty stand at zero per cent on properties under £175,000 until December 31st and one per cent on those between £175,000 and £250,000.

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