Every first time buyer is being hampered by stamp duty land tax, so recent figures show.
For two years in succession the chancellor has increased the threshold that stamp duty is paid at in an attempt in order to make life somewhat easier for new homebuyers .
Nonetheless, statistics out today from the Council of Mortgage Lenders (CML) highlight that half of first time buyers still pay the tax .
50% of first time buyers pay stamp duty so it is clear that the tax continues to add to their affordability problems. Stamp duty reform is overdue.
In the last 24 months, the chancellor has increased the lower threshold from £60,000 to £125,000.
Nonetheless, the average price of a home in England and Wales is now over £190,000, 69% of people buying homes in March having paid the tax.
After 9 months of interest rate stability, with rumours that rates could rise again soon, cheap fixed rate mortgage deals are not as readily available and experts are advising consumers to move to tracker mortgages or discount rate mortgages .
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First Time Buyers Have Stamp Duty Concerns Wed, 10 May 2006
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