Changes in the threshold for stamp duty failed to stop the inroads made by the tax, a new study by a leading mortgage lender reveals.
Portman Building Society shows that in the following months after the rise in the exemption threshold from April 2005, British homeowners paid almost 60 million more in stamp duty than in the same period before April. Portman Building Society also advises that even though the government raised the threshold to 120,000, the change made minimal impact at a time of rising house prices, considering that the average property stands close to 200,000 and the typical first-time buyer purchase amounts to 145,000.
Matthew Wyles, group development director at Portman Building Society commented that “Stamp duty is no more than a form of advance capital gains tax – paid long before buyers have enjoyed any of the financial benefits achievable from home ownership”. First-time buyers should be liberated from this unjust tax.
Newcastle Building Society is hoping to help first-time buyers by launching new mortgage deals aimed specifically at graduates.
Steve Urwin, the marketing manager from Newcastle Building Society...
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