BUDGET 2008: Your Move slams inaction on Stamp Duty

Your Move estate agents claims the chancellor Alistair Darling has failed to help first-time buyers through his inaction on Stamp Duty.

David Newnes, managing director of Your Move, says: “The chancellor has ignored the need for a boost in the property market – and that was a big mistake.

“The UK market is feeling the squeeze as access to credit tightens. Industry experts are predicting a drop in activity in the housing market in 2008.”

Newnes believes many first-time buyers need to borrow in excess of the value of their home to cover moving costs, fees and Stamp Duty.

He adds: “If Darling had given them a Stamp Duty holiday the surplus costs of buying a home would have dropped significantly. That would allow first-time buyers to get a step up onto the property ladder. The chancellor has failed to acknowledge the effect the credit crunch has had on first-time buyers’ ability to borrow.”

Newnes claims the Bank of England is now under more pressure to cut the base rate next month to give borrowers relief.