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Mortgage lender calls for action over stamp duty
Thu, 07 Dec 2006
An expert at mortgage provider Alliance and Leicester has warned that the government must address the stamp duty issue or first-time buyers could face further difficulties.

Stephen Leonard, the bank 's director of mortgages, commented in the wake of Gordon Brown's pre- Budget report.

The expert expressed his disappointment that the chancellor did not mention the stamp duty threshold, which could affect first-time buyers trying to find a mortgage.

Mr Leonard cites research conducted by his company, which found that 61 per cent of first-time buyers are looking at properties over the stamp duty threshold, which rises to 91 per cent in London .

"First-time buyers currently make up around 40 per cent of the housing market," he remarked.

"Not addressing the issue of stamp duty will deter first-time buyers from getting on the property ladder, with an effect on the entire housing market."

According to a recent YouGov study released by the Council of Mortgage Lenders, 78 per cent of Britons believe that more should be done to help first-time buyers to find a mortgage.

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