Stamp duty holiday may help some first-time buyers

Stamp duty holiday may help some first-time buyersfirst-time buyers have been helped by a new holiday on stamp duty for homes valued under £250,000.

Struggling first-time buyers may find some relief but others will find both market valuations and deposits too much to undertake.

Vicky Little is one of thousands of people struggling to get on to the property ladder and admits that getting a deposit together will mean going to the "bank of mum and dad" for help.

She told The Telegraph: "It is getting harder and harder to get on the property ladder, despite the recession, and this will encourage first time buyers to get on the property ladder."

In addition, recent surveys suggested the average deposit for a home in the UK is still over £50,000.

Furthermore, a report in the Independent indicated a deposit now represented 64 per cent of an individual's average salary compared to just 16 per cent a decade ago.

Continued high property prices and tough demands on deposits in the south-east may mean people looking for property to rent in the London borough of Redbridge, or elsewhere in the region instead.

Published 25th March, 2010

© 2010 Estates IT Limited

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Buying property could still be hard for first-time buyers despite a new stamp duty holiday, which could encourage people to look for property to rent in the London borough of Redbridge, or elsewhere in the south-east.

Stamp duty holiday may help some first-time buyers

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