First-time Buyers
More first-time buyers than ever before are paying Stamp Duty
The majority of first-time buyers now pay stamp duty, and more than half are shocked at the amount they have to pay, a report from Bradford and Bingley has shown.
As many as 68% of first-time buyers are now subject to the tax, while 46% fear that house prices will become even more un-affordable the longer they put purchases off.
The situation is especially difficult in the South East as 12% of first-time buyers expect to pay over the 1% threshold, which kicks in at £125,001.
Among all the other difficulties facing first-time buyers, Bradford and Bingley has called this situation “wholly unfair” and has called for Government action.
Bradford and Bingley, Director of Mortgages, Andy Wiggans, said:”What the government really needs to do is to bite the bullet on Stamp Duty and reduce the levels.”
Government attempts to ease the burden through designated regeneration areas across the country have had little effect, with only 3% of first-time buyers considering such locations.