Alliance &Leicester has expressed its disappointment at chancellor Gordon Brown's refusal to contemplate abolishing stamp duty for first-time buyers (FTBs), in news that may be of interest to many prospective mortgage holders.
According to research from the financial services provider, 62 per cent of people looking to take their first step on the property ladder plan to spend more than £125,000 - meaning they will be liable to pay at least one per cent stamp duty.
Moreover, this proportion could potentially increase in the future, the mortgage lender has hinted, with statistics from the Department of Communities and Local Government showing that the average house price has risen by 11 per cent in the last year.
In spite of these trends in the mortgage sector, Mr Brown's 11th budget did not include provision to cut out stamp duty for new buyers - something with which the financial services provider's director of mortgages Stephen Leonard has taken issue.
"First-time buyers are a vital part of the housing market," he said.
"Therefore, Alliance &Leicester will continue to fight for first-time buyers to be made exempt from paying stamp duty."
Recently, financial services provider Abbey revealed that 9.7 per cent of FTBs expected to be given property financing support from their parents in February 2007.
Stamp duty changes fail FTBs, mortgage holders told
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Stamp duty changes fail FTBs, mortgage holders told
Thu, 22 Mar 2007
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