Stamp duty holiday a 'nightmare for homebuyers'
Potential homebuyers are being urged to rent or do their research before they invest rather than wait for relief from stamp duty reforms.
Paul Holmes, chief executive of Firstrung, suggested that those looking to purchase property will be very lucky to escape stamp duty.
"To try and monitor a situation where only a specific group of buyers doesn't get charged stamp duty would be a nightmare," he said.
This follows research by the Royal Institution of Chartered Surveyors (RICS), which has revealed that there are currently a number of problems besetting first-time buyers.
A first-time buyer couple will now have to save over 100 per cent of their take home joint pay in order to afford the up front costs of purchasing property, meaning that more are choosing to rent.
In addition, stamp duty is still being charged and although Alistair Darling is looking at a number of options, the government is yet to make a decision.
This comes after news that more people are choosing to rent flats and houses in London and the suburbs to stay ahead during the housing crisis.
Published 22nd August, 2008
© 2008 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
Streatham town centre to be improved by BID?
Major improvements could be made to Streatham town centre thanks to a new business partnership.
Read Article ... Published on 25th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Barking Splash Park opens this weekend
Barking Splash Park will be free to use this weekend (May 25th-27th) to mark its opening.
Read Article ... Published on 24th May, 2012
Southwark estates to get cheaper energy bills
Residents in Southwark can look forward to cheaper energy bills thanks to the creation of a new underground green network.
Read Article ... Published on 23rd May, 2012
Enfield £1.3bn masterplan unveiled
A masterplan has been unveiled that will see a 200-acre site in Enfield regenerated as part of a £1.3 billion plan.
Read Article ... Published on 23rd May, 2012
Londoners encouraged to grow their own fruit and veg
People in London are being encouraged to grow their own fruit and vegetables.
Read Article ... Published on 22nd May, 2012
Merton 'embraces green improvements'
Merton is now a cleaner, greener location to live in thanks to the implementation of the Wandle Valley Low Carbon Zone (LCZ).
Read Article ... Published on 22nd May, 2012
London house prices rise by 1,782% in past 35 years
London house prices have increased by 1,782 per cent in the last 35 years.
Read Article ... Published on 21st May, 2012
Poplar's Chrisp Street to get £100m regeneration
Some £100 million is to be spent regenerating the Chrisp Street area of Poplar in Tower Hamlets.
Read Article ... Published on 21st May, 2012
Potential homebuyers are being urged to rent or do their research before they invest rather than wait for relief from stamp duty reforms.