Darling criticised over stamp duty says National Homebuyers
The government has been slammed for a move which may lead to more people seeking a fast property sale.
[UKPRwire, Thu Mar 20 2008] Chancellor Alistair Darling failed to use this year's Budget to announce that the stamp duty threshold would be raised.
It comes after many organisations urged him to do so in order to help first-time buyers (FTBs) onto the property ladder.
With more and more FTBs forced to pay the tax, many potential buyers simply cannot afford to make it onto the property ladder.
This is causing a lack of demand and house prices are inevitably falling. This could potentially lead to more people seeking a fast property sale in order to get as much money as possible before prices fall further.
"The government's failure to adjust the… [stamp duty threshold] in this Budget for the majority of buyers means that first-time buyers and those looking to raise funds to buy a house, continue to face an uphill battle," said David Thomas from Cheshire Building Society.
"In this difficult housing market, first-time buyers have to raise one per cent stamp duty tax on properties of £125,000 or more coupled with the need to raise a substantial deposit as 100 per cent mortgages disappear from the market," he continued.
Fast property sale expert Julian King adds, "There was no mention of assistance for first time buyers in the Budget and as such we anticipate property prices to continue to fall as fewer buyers enter the market.
"Homeowners who need a quick sale are advised to look at alternatives to the slow, costly and uncertain open market".
Mr King is a director of National Homebuyers, the UK's leading quick property sale firm, guaranteeing to make an offer to purchase any property in the UK, regardless of its condition or location.