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04/03/2004
Stamp duty must be raised to help first-time buyers: Nationwide
The government has been urged to raise the stamp duty threshold to £150,000 after it was claimed that first-buyers are finding it difficult to get onto the property ladder due to the taxes.
According to the Nationwide, increasing numbers of first-time buyers across the UK are being hit by stamp duty which was originally designed to target people buying only the most expensive homes. However the tax now affects three in every four first-time buyers.
Since 1993 stamp duty has been applied to homes costing more than £60,000. Had this threshold been index-linked since then, stamp duty would now begin at £150,000 and 80% of first-time buyers would be exempt from this additional tax, according to the Nationwide’s regional stamp duty report, published today.
Stuart Bernau, Nationwide director, said: "House prices have risen sharply in recent years and this, plus other factors such as rising levels of debt among graduates, is seriously affecting young people’s ability to buy their first home. This has led to the number of first-time buyers being at its lowest level for over 20 years while the age of a typical first-time buyer has risen from 27 to 31 over the past 10 years.
"We believe there is an urgent need for the government to provide some support for this hard pressed group. The Council of Mortgage Lenders has already proposed a move to a more graduated system of stamp duty to smooth out the impact of this tax for people buying more expensive properties. We support this and believe it is possible to combine this approach with our proposals to provide relief for first-time buyers in a way that would be tax neutral."
(gmcg)
According to the Nationwide, increasing numbers of first-time buyers across the UK are being hit by stamp duty which was originally designed to target people buying only the most expensive homes. However the tax now affects three in every four first-time buyers.
Since 1993 stamp duty has been applied to homes costing more than £60,000. Had this threshold been index-linked since then, stamp duty would now begin at £150,000 and 80% of first-time buyers would be exempt from this additional tax, according to the Nationwide’s regional stamp duty report, published today.
Stuart Bernau, Nationwide director, said: "House prices have risen sharply in recent years and this, plus other factors such as rising levels of debt among graduates, is seriously affecting young people’s ability to buy their first home. This has led to the number of first-time buyers being at its lowest level for over 20 years while the age of a typical first-time buyer has risen from 27 to 31 over the past 10 years.
"We believe there is an urgent need for the government to provide some support for this hard pressed group. The Council of Mortgage Lenders has already proposed a move to a more graduated system of stamp duty to smooth out the impact of this tax for people buying more expensive properties. We support this and believe it is possible to combine this approach with our proposals to provide relief for first-time buyers in a way that would be tax neutral."
(gmcg)
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12 February 2010
Loans Boost As Buyers Beat Stamp Duty
The number of loans to first-time buyers hit a two-year high in December 2009, driven by a rush to buy properties in the £125,000 - £175,000 bracket before the year-end stamp duty concession expired, according to figures released today by the Council of Mortgage Lenders (CML).
Loans Boost As Buyers Beat Stamp Duty
The number of loans to first-time buyers hit a two-year high in December 2009, driven by a rush to buy properties in the £125,000 - £175,000 bracket before the year-end stamp duty concession expired, according to figures released today by the Council of Mortgage Lenders (CML).
13 February 2012
First-time Buyers Numbers Increase
The number of first-time buyers, who are currently exempt from paying stamp duty on properties up to £250.000, increased in December, according to data released today by the Council of Mortgage Lenders. There were 18,700 loans advanced, worth £2.3 billion, up 7% by volume and 10% by value, from November.
First-time Buyers Numbers Increase
The number of first-time buyers, who are currently exempt from paying stamp duty on properties up to £250.000, increased in December, according to data released today by the Council of Mortgage Lenders. There were 18,700 loans advanced, worth £2.3 billion, up 7% by volume and 10% by value, from November.
02 September 2008
Chancellor Announces Stamp Duty Exemption
Chancellor Alistair Darling has announced that properties worth £175,000 and less will be exempt from stamp duty. The new measure will apply to transactions with an effective date on or after September 3, 2008 and before September 3 2009.
Chancellor Announces Stamp Duty Exemption
Chancellor Alistair Darling has announced that properties worth £175,000 and less will be exempt from stamp duty. The new measure will apply to transactions with an effective date on or after September 3, 2008 and before September 3 2009.
30 May 2003
Nationwide predicts housing market fall
Nationwide predicts a marked fall in the housing market as first time buyers are stymied due to housing affordability and the squeeze on disposable incomes. Commenting on the figures, Nationwide's Group Economist Alex Bannister, said: "Annual house price inflation declined to 21.3% in May from 22.2% last month.
Nationwide predicts housing market fall
Nationwide predicts a marked fall in the housing market as first time buyers are stymied due to housing affordability and the squeeze on disposable incomes. Commenting on the figures, Nationwide's Group Economist Alex Bannister, said: "Annual house price inflation declined to 21.3% in May from 22.2% last month.
13 September 2010
Mortgage Market Still 'Subdued'
Demand for mortgages remained weak in July, according to the latest figures released by the Council of Mortgage Lenders. The new figures showed that there were 56,000 loans for house purchase advanced in July, an increase of 7% from the previous month.
Mortgage Market Still 'Subdued'
Demand for mortgages remained weak in July, according to the latest figures released by the Council of Mortgage Lenders. The new figures showed that there were 56,000 loans for house purchase advanced in July, an increase of 7% from the previous month.
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