You are here: Home - Uncategorized -

Move on Stamp Duty ‘not enough’

0
Written by:
23/03/2006

Chancellor Gordon Brown raised the nil rate Stamp Duty threshold nominally in his budget from £120,000 to £125,000, but many in the mortgage industry argued that this was not enough to help first-time buyers on to the ladder.

This means that buyers purchasing properties over £125,000 will have to pay 1% of the purchase price as a tax to the Government. And rising house prices means that the average first-time buyer house price is already higher than that.

Brian Murphy, lending manager at the Mortgage Advice Bureau, said: “The rise in the nil rate stamp duty band to £125,000 is pathetically low. Figures released from the ODPM for January demonstrated that the average first time buyer house price is now close to £154,000.”

Stephen Leonard, director of mortgages at Alliance & Leicester pointed out that most buyers are looking for properties above the threshold. He said: ”The majority of first-time buyers (61%) look for homes over the previous £120,000 stamp duty threshold. Whilst this is a step in the right direction and recognises the plight of first time buyers who are the life blood of the housing market, it represents only a four per cent increase.”

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Interest rates unchanged for spring

Interest rates have been kept on hold at 4.5% for the seventh month running, with no change likely in April....

Close