First-time buyers will continue to struggle, says expert
continue to struggle to get on the property ladder.
In Wednesday's (March 24th) Budget statement, Chancellor Alistair Darling announced an increase in the stamp-duty threshold to £250,000 which it is believed will mean nine out of ten first-time buyers avoid tax
While Helen Adams, managing director of FirstRungNow, believes the move on stamp duty will "improve the market overall" she continued to hold concerns over how buyers will be able to purchase property.
She said: "It is still very difficult for first-time buyers to afford their first home in many parts of the country because of the high deposit requirements and the lack of first-time buyer mortgages."
In London, the stamp duty holiday may be fairly meaningless to many with the average house price over £370,000, a 7.6 per cent increase in the last 12 months.
Property prices in the capital may put off potential buyers and could encourage them to look for property to rent in the London borough of Croydon, or elsewhere in the city.
By Charles Mackay
Published 26th March, 2010
© 2010 Estates IT Limited
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Potential buyers may be encouraged to look for property to rent in the London borough of Croydon, or elsewhere in the capital, after an expert says first-time buyers will continue to struggle