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Brown’s Budget is a “lost opportunity”, says A&L

Alliance & Leicester says Gordon Brown’s Budget is a missed opportunity to help first-time buyers.

Stephen Leonard, director of mortgages at A&L, says: “This Budget is a lost opportunity to redress the burden of Stamp Duty.

“Alliance & Leicester has campaigned for more help for first-time buyers as our research reveals that the majority of them are caught in this Tax trap, preventing them from getting a foot on the property ladder.

“Two-thirds (62%) of first-time buyers are looking for homes over the current £125,000 Stamp Duty threshold.

“House prices have risen over 11% in the past year, and as the current average house price for a first-time buyer stands at £151,030, the limit needs to be at least this amount to have any effect.

“First-time buyers are a vital part of the housing market, and the government should be doing everything it can to encourage more people to become homeowners.

“Therefore, Alliance & Leicester will continue to fight for first-time buyers to be made exempt from paying Stamp Duty.”

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