Stamp duty costing first-time buyers £1,700

17-Mar-2006

Stamp duty will cost the average first-time buyer almost £1,700 according to latest figures.

According to research by Moneyextra, Gordon Brown's attempts to ease the burden on first-time buyers does not seem to have the desired effect and house prices have continued to grow.

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

Statistics show that last month, the average first-time buyer was searching for a property with a value of £169,182, which would result in £1,691.82 of stamp duty land tax.

Moneyextra is now calling on the chancellor to review his policy with regards to first-time buyers in his Budget speech next week.

Aspiring first time buyers applying for shared ownership are advised to consult a good mortgage broker

"Gordon Brown could put thousands of pounds back into the pockets of hard-pressed first-time buyers at the same time," said Robin Amlot of Moneyextra.

In his Budget speech last year, Mr Brown increased the threshold at which stamp duty is paid in a bid to aid first-time buyers.

However, Britons are still forced to pay high levels of tax as no stamp duty is due unless a house is sold for more that £120,000.

Find out more about the housebuying process in the FirstRungNow Home Buyer's Guide

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.

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