Gordon Browns Budget has been slammed by haart estate agents for its lack of Stamp Duty reform.
Paul Smith, chief executive of haart estate agents, says: With the average value of a property in London now over 260,000, the majority of first-time buyers are looking at properties above 250,000 but they dont have the vast cash reserves to fund the 3% Stamp Duty of 7,500. Most are stretched to the limit as it is.
“Stamp Duty will remain a great stumbling block for many and the chancellor has done nothing to help.
Stamp Duty is an all-encompassing tax for everyone and it particularly deters first-time buyers, who are already struggling to raise the capital for a deposit, from entering the market – the very people the Government says they want to get back into the market.
It is crucial for the survival of the housing market that first time buyers are encouraged to enter.