Pre-Budget report 'no help to first-time buyers'
Those thinking of buying a house or flat in London have not been helped by chancellor Alistair Darling's pre-Budget report, it has been suggested.
According to the National Federation of Property Professionals, first-time buyers will continue to struggle in the current climate.
Chief executive of the body Peter Bolton King explained that stamp duty remains a barrier, adding: "The chancellor should have listened to the clamour of professional opinion and seized this opportunity to tackle stamp duty. A suspension would have given a real boost to first time buyers."
In September Mr Darling announced that the value of homes eligible to pay stamp duty would rise temporarily for one year, from £125,000 to £175,000.
However, with the latest Land Registry figures finding that the average price of a home in London is £328,927, this provides little help to those living in the capital and calls had been made for the payment to be suspended completely.
Such people may wish to consider renting a house or flat instead.
Published 25th November, 2008
© 2008 Estates IT Limited
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Those thinking of buying a house or flat in London have not been helped by chancellor Alistair Darling's pre-Budget report, it has been suggested.