Tuesday, 14 February 2012

Do first-time buyers really feel stamp duty bound? | Money | guardian.co.uk

Do first-time buyers really feel stamp duty bound? | Money | guardian.co.uk

Is the first-time buyer back? Figures from the Council of Mortgage Lenders (CML) show the number of mortgages advanced to these borrowers rose by 7% in December, while the communities and local government department says the average price paid by first-time buyers was up by 1.6% year-on-year in the same month (PDF). These were against falls in the rest of the market.

Both the CML and the Royal Institution of Chartered Surveyors have suggested that the imminent end of the stamp duty holiday on properties costing between £125,000 and £250,000 is behind the flurry of activity. Until 24 March, first-timers will save the 1% tax usually charged on properties in this bracket. This means a saving of between £1,250 and £2,500.

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