First-time Buyers
Budget offers no help to first-time buyers
Gordon Brown shunned struggling first-time buyers in his historic eleventh Budget…
Gordon Brown shunned struggling first-time buyers in his historic eleventh Budget last week by failing to raise the Stamp Duty threshold.
Nearly 60% of first-time buyers now pay the tax, which kicks in at 1% for properties valued at £125,000 or over, and 3% for properties valued at £250,000 or more.
David Kuo, spokesperson for personal finance website Fool.co.uk, said: “Chancellor Gordon Brown has wasted a golden opportunity to help thousands of Britons onto the housing ladder.
“Instead of making it easy for first-time buyers to climb onto the already-expensive housing ladder, the Chancellor has chosen to further torment buyers with zero Stamp Duty on zero-cardon homes below £500,00, which are about as rare as hens’ teeth.”
A recent survey by GE Money found that three in four Britains think the Stamp Duty threshold should be changed to keep in line with property price inflation.

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In more positive news for homeowners, Brown did announce an increase in the tax-free band for inheritance tax from £285,000 to £350,000 in 2010.
Pensioners will also be offered grants up to £4,000 to help insulate their homes.
Homeowners who generate their own power will receive an income tax exemption on any surplus power sold back to the grid.