20 Nov

Stamp duty ‘major barrier’ for first-time buyers

Stamp duty ‘major barrier’ for first-time buyers

Many people hoping to step on to the property ladder are struggling to pay the stamp duty tax, claims new research.

A poll conducted by YouGov for Yorkshire Building Society revealed 60 per cent of those looking to purchase their first home believe not having to pay stamp duty would make buying property easier.

Yorkshire Building Society believes the government need to look at stamp duty and make reforms to help more people become homeowners by making sellers liable for the tax rather than buyers.

It is estimated the average first-time buyer in England and Wales has to pay £3,791 in stamp duty, with buyers in London paying out an average of £13,171 due to higher prices in the capital.

A total of 72 per cent of potential first-time buyers expressed concerns about having to pay up-front costs, including tax, as difficult and reduces their deposit savings.

"Saving enough to pay stamp duty adds to the overall difficulty of buying a home. It is hard enough for buyers to find the right property in the right location without the need to pay additional fees and taxes, given the scale of house price inflation in recent years," said Andrew McPhillips, chief economist at the Yorkshire Building Society.

"Reducing any of the costs such as stamp duty for first time buyers and those moving up the ladder would help to make homes more affordable for many, enabling more people to realise their homeownership aspirations," he added.ADNFCR-1222-ID-801828631-ADNFCR

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