First-time buyer stamp duty benefits remain questionable
The benefits of raising the stamp duty threshold to encourage first-time buyers on to the property ladder have been questioned by a leading property organisation.
Speaking to the BBC, the British Property Federation said that stamp duty measures will not provide solutions to the issues facing people looking to buy homes.
Its spokesperson Andrew Teacher commented that a bigger issue facing house hunters was getting hold of sufficient finance.
He added: "If you can't get hold of a mortgage, if you can't raise the deposit you need to get that mortgage, then the property is still unaffordable whether stamp duty is one per cent or five per cent."
Furthermore, a recent report from the Independent found that deposits accounted for around 64 per cent of an individual's annual salary and more often are in excess of 20 per cent of the property's value.
With deposits and lack of mortgage credit continuing to create an obstacle for first-time buyers, perhaps they will consider looking for property to rent in the London borough of Lambeth, or elsewhere in the UK, instead.
By Charles Mackay
Published 12th April, 2010
© 2010 Estates IT Limited
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Those looking for their first home might consider looking for property to rent in the London borough of Lambeth, or elsewhere in the UK, as the benefits of increasing the stamp duty threshold remain questionable.