Stamp duty saving "a drop in the ocean"

08-Oct-2008

The stamp duty saving that first-time buyers (FTBs) could receive are nothing more than "a drop in the ocean", according to one industry expert.

Last month the government announced that stamp duty will not apply to residential properties worth £175,000 or less for one year.

This will "certainly assist" many FTBs, says Michael O' Flynn, content editor for FindaProperty, will not do much to help those buying a property in the most expensive regions.

"And even for those who do benefit from the 'stamp duty holiday', the maximum saving amounts to just £1,749 - a drop in the ocean on a purchase price of £175,000," he adds.

Mr O' Flynn says until the government does more to help FTBs and kick-start the market, anyone looking to get on to the property ladder should continue to save.

According to the Rightmove House Price Index from September, the average asking price for a property was £227,438 – down one per cent compared to August and 3.3 per cent compared to September 2007.

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