First_Time Buyers Stamp Duty Expense

First-Time Buyers Stamp Duty Expense

According to Halifax, stamp duty affects 99 per cent of first-time buyers in the south compared with 42 per cent in the north.  The research also showed the stamp duty bill for the average first-time buyer in greater London stood at £8,675 in 2007, 364 per cent more than in 2002.  

According to the research, only first-time buyers in the North, Yorkshire and Humber, Scotland and Wales were able to purchase property under the 1 per cent band of £125,000.

Our view

Property purchase generally is more difficult for first-time buyers.  There is limited if any availability of 100% mortgages in the UK and add to this Stamp Duty costs.

We suggest we are heading back to the 1950’s, 60’s and 70’s where you had to save to get on the property ladder.  Just like our parents and grandparents did.

Useful links:

Learn more about Stamp Duty and related topics in the Mortgage Adviser Channel 

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Purchase guidance on financial planning in the Money Shop 

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