13 Mar

First-time buyers 'deserved more from the Budget'

First-time buyers 'deserved more from the Budget'

Although this week's Budget provided some schemes that could be beneficial to first-time buyers, it did not go far enough to help this struggling group, it has been claimed.

Duncan Samuel, managing director of convex.net, said Chancellor Alistair Darling had the option to help "all first-time buyers" but instead introduced measures that will only help some.

Mr Darling announced yesterday (March 12th) that stamp duty would be abolished on shared ownership homes until the occupant owns 80 per cent of the equity.

Commenting on the proposal, Mr Samuel said that "those in shared ownership will always have the stamp duty bill hanging over them".

Abbey has also criticised the Budget for not addressing the needs of those who want to get on the housing ladder.

The bank suggested that instead of a "slab taxation system", it would be better to make stamp duty incremental, so that it functions more like income tax.
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