6 Jun

Call for stamp duty exemption for first-time buyers

Call for stamp duty exemption for first-time buyers

The government has come under further pressure to axe stamp duty for first time buyers.

Property website SmartNewHomes.com advocated the action to encourage housebuying.

With many first-time buyers unable to afford a foot on the property ladder website director David Bexon says exemption from stamp duty could help them make their first purchase.

He commented: "The Bank of England needs to cut interest rates further, lenders need to start passing rate cuts onto consumers and the government needs to take some practical steps to get the market moving once again."

According to SmartNewHomes.com, 28.3 per cent of young working households are currently unable to afford their own home.

The company's stamp duty plea follows a similar appeal recently from the National Association of Estate Agents (NAEA) and last year the Conservative party promised to axe the tax for first time buyers on all homes priced at less than £250,000.

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