Calls to Abolish Stamp Duty for First Time Buyers
Nationwide Building Society calls for first time buyers to be exempt from stamp duty
4th December 2003
The Nationwide building society has called for the government to abolish stamp duty for first time buyers on properties up to £150,000, a concession that would cost the Inland Revenue around £280m a year.
With the rise in house prices, around 75% of first time buyers are now paying stamp duty, compared to around 40% just four years ago, and the building society claims that this is leading buyers to pay smaller deposits on their mortgage, or provide no deposit at all.
Nationwide's group economist, Alex Bannister, said: "Stamp duty comes as a significant extra hurdle for first time buyers already faced with raising a sizeable deposit and rising house prices."
Read More: Inland Revenue Stamp Duty Rates
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Products from Nationwide : Mortgages |
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