Stamp duty holiday 'would ease first-time buyer difficulties'

01-Jul-2008

Suspending stamp duty would ease the affordability difficulties currently facing many first-time buyers, it has been claimed.

Representatives for trade body the Association of Home Information Pack Providers (AHIPP) said the housing market is at its lowest ebb for over 20 years, with transaction volumes projected to fall to the lowest level in recent memory.

"In the present economic climate, affordability is a key factor particularly for first-time buyers in high-cost areas," remarked AHIPP director general Mike Ockenden.

"With mortgage lenders tightening their credit criteria, every penny counts for those wishing to move home or buy their first property," he continued.

"By suspending stamp duty on lower-cost homes, many would find that they could now afford to move - or in the case of first-time buyers, meet lenders' criteria."

Mr Ockenden went on to suggest that a suspension of stamp duty would be in the "government's own interests", as it is expected to be down at least £1.5 billion this year in comparison to an average year.

AHIPP's comments echo those of the National Association of Estate Agents, which claimed last month that a "stamp duty holiday" would boost first-time buyer confidence and the housing market as a whole.

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