BUDGET 2008: No respite for FTBs

The chancellor Alistair Darling’s maiden Budget offers no real respite for first-time buyers says Firstrungnow.com’s managing director Helen Adams.

She says that the the governent continues to leave the next generation high and dry by offering almost no relief in terms of tax or Stamp Duty.

She says: “Simply allowing shared ownership property buyers only to have to pay Stamp Duty when they own 80% of the property will benefit very few individuals.

“We welcome development of the shared equity Open Market HomeBuy scheme next month lowering the proportion of the property that purchasers will need to fund themselves, although it is disappointing that these enhancements will only aid key workers, not the other hundreds of thousands of others keen to invest in their own future.

“The solution for first-time buyers who are not key workers is to consult their parents and benefactors about how they can release some of their property wealth to help them move forward. The future of home-buying for first timers is in co-financing or co-ownership.”