First Time Buyers Push To Beat Stamp Duty

Stamp Duty

First time buyers are going to find making that first leap on to the property ladder an almost impossible feat as prices continue to rise, demand outstrips supply and lenders remain strict in their lending.

Considering the cash deposit that is expected by most banks for a mortgage it will be very difficult for many first time buyers to attain that first step on the property ladder.

Thousands of property buyers are trying to benefit from the stamp duty holiday before it ends on 31st December.

The number of buyers looking to purchase property under the current stamp duty benchmark of £175,000 has increased by nearly 10% in the last 3 months.

The previous benchmark of £125,000 is too low considering that the average house price is currently £159,546. The Government should consider pushing back the stamp duty deadline and consider varying the benchmark by region to ensure those living in higher value property areas are not unfairly penalised.

Approximately 132,500 house purchasers have avoided stamp duty as a result of the tax threshold being raised last year, according to the Council of Mortgage Lenders (CML).

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