Lending and stamp duty 'are still problems for FTBs'

12-Jan-2010

Lending and stamp duty issues are still making life difficult for would-be first-time buyers (FTBs), despite a recent rise in affordability, according to a property expert.

Halifax last week revealed that FTBs can now afford to live in 39 per cent of areas in Britain, up from just 24 per cent in 2008.

However, Helen Adams, managing director at FirstRungNow, says that the lack of available mortgages has dried the supply of FTBs.

Another hurdle FTBs must overcome is the end of the stamp duty holiday on houses bought for between £125,000 and £175,000 - a common range for a FTB to purchase in.

Ms Adams, speaking about stamp duty, suggests: "It can be a significant expense at the time that people are trying to pull together a deposit and it just adds to the difficulty of the situation."

The National Association of Estate Agents said that in November 19 per cent of the market was made up of FTBs, down from 43 per cent six months previously.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

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