Stamp duty savings forecast

03-Dec-2008

First time buyers could gain more access to offers on stamp duty in the near future, it has been suggested.

According to Luke Bennett, founder and managing director of Wimbledon-based estate agent SW19, it is easy for estate agents to "sit on their hands" over stamp duty, but this approach is not likely to succeed in the current market.

SW19 is currently operating a scheme where no stamp duty is applied on purchases of its properties - the first of its kind in the UK.

Mr Bennett believes other estate agents could soon choose to adopt this policy and action across the board could lead to a change in legislation.

"We might find that eventually the government does relax the stamp duty threshold or make it higher or easier for first time buyers," he said.

The government increased the stamp duty threshold from £125,000 to £175,000 in September, meaning that Britons would not pay the tax on homes priced at or less than this value.

According to statistics from Mouseprice published in the same month, 48.6 per cent of UK housing stock is worth less than £175,000.

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