Stamp duty changes 'not helping most buyers'
The majority of people hoping to buy a home have not been helped by stamp duty changes, it has been stated.
In September the chancellor of the exchequer, Alistair Darling, announced that the threshold for homes eligible to pay the duty was rising for a period of one year.
The new figure was £175,000 - up from £125,000 - but managing director of smartnewhomes.com David Bexon has noted that this has done little to help the housing market.
And this is particularly the case for those hoping to live in London, as Land Registry figures have shown that the average house price in the capital is £328,927 - far above the average for England and Wales of £168,814.
"The temporary £175,000 stamp duty suspension does not go far enough and does not assist a broad enough spectrum of home buyers," said Mr Bexon.
A survey of National Association of Estate Agents members this week found that over half do not believe government policies will help the housing market, which suggests that anyone hoping to move into a house or flat may prefer to rent.
Published 21st November, 2008
© 2008 Estates IT Limited
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The majority of people hoping to buy a home have not been helped by stamp duty changes, it has been stated.