26 Mar

First-time buyers 'will benefit from Budget'

First-time buyers 'will benefit from Budget'

First-time buyers are among the people set to benefit from recent Budget announcements.

This is according to Lovemoney.com, which suggested that the rise in the threshold for stamp duty from £125,000 to £250,000 is a positive development for such property purchasers.

Ed Bowsher, head of consumer finance at the website, noted that the majority of those looking to get on to the housing ladder will be exempt from the tax as a result of the changes.

However, more could be done to assist people seeking to buy homes, the expert added.

He commented: "First-time buyers would also like lower house prices."

The government's decision to double the stamp duty threshold comes three months after a tax holiday on residences worth less than £175,000 came to an end.

This had been introduced following the credit crisis that began in 2007 and was an attempt to boost the housing market in the UK.

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