Halifax approves stamp duty rise for first-time buyers

Date:Wednesday 24th March 2010
Author: Susanna Kavka

Martin Ellis, housing economist, commented that 96 per cent of first-time buyers would not have needed to pay stamp duty last year if the threshold had been £250,000.

He added by stating buyers in the southern regions, such as Greater London, would gain the most from the proposals set out in the Budget report today.

Mr Ellis said: "Around three-quarters of first-time buyers in Greater London and the south-east would be removed from the stamp duty tax net as a result of increasing the threshold from £125,000 to £250,000."

The Co-operative Bank declared the increased threshold would bring confidence into the housing market, helping new buyers to put a foot on the property ladder.

It added that its financial branch had done more than any other lender to ensure first-time buyers were not locked out of the market by offering guarantor mortgages and fee-free applications.