2 Oct

Plans for a second stamp duty are neglecting homemovers, BSA says

Plans for a second stamp duty are neglecting homemovers, BSA says

New plans from the opposition to re-introduce a stamp duty holiday to make it possible for first timers in the property market to head to an estate agents and buy a house would be neglecting a key area of the market, the Buildings Societies Association (BSA) has claimed.

According to shadow chancellor Ed Balls, the Labour party would move to reintroduce the scheme, which the government ended in March this year, if it got back into power.

This would see first timers able to buy a house without having to pay the one per cent levy on top of the price of their purchase in stamp duty.

However, the BSA said that this does not help many second-time buyers and movers who are struggling to finance purchases.

A BSA spokesperson said: "According to the BSA's September 2012 Property Tracker report, only 13 per cent of respondents cited stamp duty as a barrier to property purchase, so we question whether this will be the most effective means of 'kick-starting' the UK economy and may in fact have a negative effect upon consumer sentiment once the holiday is over."ADNFCR-1222-ID-801461788-ADNFCR

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