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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.
02 September 2008
Darling Spins 'Gloom' into 'Optimism', After Sterling Fall
UK Chancellor Alistair Darling has made an apparent 'U-turn' on his previously gloomy predictions for the British economy - insisting he is actually optimistic about overcoming financial difficulties. And the man holding the Government's purse strings also said that his own job is safe, despite rumours of a Cabinet reshuffle.
Darling Spins 'Gloom' into 'Optimism', After Sterling Fall
UK Chancellor Alistair Darling has made an apparent 'U-turn' on his previously gloomy predictions for the British economy - insisting he is actually optimistic about overcoming financial difficulties. And the man holding the Government's purse strings also said that his own job is safe, despite rumours of a Cabinet reshuffle.
15 April 2009
House Purchase Lending Edges Up And Remortgaging Declines
The number of house purchase loans ticked up in February, according to new data from the Council of Mortgage Lenders (CML). There were 24,300 house purchase loans worth £3.1 billion, compared with 23,400 loans worth £3.1 billion in January - a 4% increase.
House Purchase Lending Edges Up And Remortgaging Declines
The number of house purchase loans ticked up in February, according to new data from the Council of Mortgage Lenders (CML). There were 24,300 house purchase loans worth £3.1 billion, compared with 23,400 loans worth £3.1 billion in January - a 4% increase.
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