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| ::First-time house buyers 'at year low' - 17th December 2009 |
| The proportion of home buyers who are purchasing a house for the first time has dropped to its lowest level this year, figures show. The National Association of Estate Agents (NAEA) said that 19% were first-time buyers in November. This was down 3% on the previous month and the smallest proportion since November 2008, the NAEA said. As a result of the banking crisis, many lenders started demanding relatively high deposits for mortgage deals. But in May, first-time buyers accounted for 45% of agreed sales. Stamp duty In the pre-Budget report, Chancellor Alistair Darling confirmed that the 1% stamp duty would be levied on properties sold for more than £125,000 from the end of the year, compared with £175,000 now. The end of the temporary stamp duty holiday - which started in late 2008 - would have a "profound impact" on the number of first-time buyers getting on the property ladder at the lower end of the market, the NAEA said. "Any tax holidays result in a distortion in the market and in the case of stamp duty, needed to be carefully managed and phased out, rather than falling off a cliff," said the association's president Gary Smith. "Unfortunately, as first-time buyers often form the foundation of selling chains, there could be repercussion throughout the sector." Figures on mortgage lending in the UK will be published by the Council of Mortgage Lenders on Friday. |
| Source of this article : |
| From: bbc.co.uk/news - 17th December 2009 |
| Date of this item added : |
| 2009-12-23 |