Budget did little to ease first-time buyer difficulties

News Category: Industry News

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The Budget, announced by chancellor Alistair Darling on Wednesday (March 12th), did little to ease the difficulties currently faced by those struggling to get a foot on the property ladder.

According to Duncan Samuel, managing director of online conveyancing specialist convex.net, the Budget did not do enough to help first-time buyers.

He noted in particular that stamp duty posed a great problem for those looking to buy property.

Mr Samuel commented: "Those in shared-ownership will always have the stamp duty bill hanging over them. We are dealing with a lot of buyers and can see the pressure they are under.

"The Budget could have helped all first-time buyers - those on shared-ownership schemes are only a small percentage. We have brought in lower conveyancing rates for first-time buyers and they are the foundation of the housing market and should have been offered more fromthe Budget, such as raising the stamp duty threshold."

The continuing difficulties faced by first-time buyers could help to maintain high demand for private rented accommodation.

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