More first time buyers will step onto the property ladder following the recent reduction in stamp duty, research from Barnett’s Solicitors’ online survey reveals.
Chancellor Gordon Brown doubled the stamp duty threshold to 120,000 in his last budget in a bid to reduce the costs for people looking to buy their first home.
The move followed a high profile campaign by Mortgage Strategy magazine to increase the threshold at which the tax is levied.
Out of several thousand hits to the law firms website, 69% of said the reduction in stamp duty would bring more first-time buyers onto the property ladder, while 31% disagreed.
Joe Whelan, Barnetts chief executive, was not surprised by the survey results, although he believes that many first-time buyers will miss out on the benefits of the stamp duty changes.
He says: Gordon Browns reduction in stamp duty was a welcome move to everyone in the industry and especially to first time buyers who have been struggling to get their foot on the property ladder.
Its a step in the right direction, although more needs to be done because in the current market where the average house price is around 180,000 it will still be very difficult for first-time buyers to find a property which falls below the stamp duty threshold.
The survey is the second in a series of online surveys, which Barnetts launched earlier this year.