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Stamp duty removal 'will harm first-time buyers'
Posted by Emily Swanson
First-time buyers are likely to be hampered in their attempts to get on the UK housing ladder following the government's decision to end the stamp duty concession, an expert believes.
During his Autumn Statement delivered to Parliament yesterday (November 29th), chancellor George Osborne revealed the temporary initiative - which was designed to enhance conditions for those finding it tough to access home loans - will be scrapped.
Therefore, as of March 24th 2012, people will no longer be able to benefit from the scheme.
And Paul Smee, director general of the Council of Mortgage Lenders, believes this "disappointing" policy change will result in more transactions being rushed through in the coming months prior to this deadline passing.
"It was a significant help to homeowners entering the market and its removal runs counter to the themes of the new housing strategy," he noted.
Recently, Paul Holmes of Firstrung criticised the government's pledge to provide guarantees on 100,000 new-build houses with loan-to-value rates of up to 95 per cent. 
30/11/2011 12:25
News category: Property