Budget 'did not help first-time buyers enough'

Published 03rd Apr 2008

The budget did not go far enough in helping first-time buyers, it has been claimed

Duncan Samuel, managing director of convex.net, explained that the government's proposals will help only a small number of those looking to get on the housing ladder.

He said: "The Budget could have helped all first-time buyers - those on shared-ownership schemes are only a small percentage - … they are the foundation of the housing market and should have been offered more from the Budget, such as raising the stamp duty threshold."

Under the changes to stamp duty announced yesterday, people who jointly purchase less than 80 per cent of a property will not have to pay any tax until they acquire the final 20 per cent of their home.

However, Mr Samuel warned that stamp duty will still be a burden to many people.

According to figures released by the Council of Mortgage Lenders, the average first time buyer borrowed 3.32 times their income last month.
By Adfero Ltd

Source: ' What Mortgage '

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