The Council of Mortgage Lenders have claimed that half of all first time buyers are now having to pay stamp duty, and have said that soon, the majority will be paying the tax.
The figures came from their monthly, regulated mortgage survey, which showed that 17,200 first time buyers, or 50%, paid stamp duty in March. The figures also showed that 44,700 people, 80% of all those moving to a new home, also paid the tax.
They believe that if stamp duty had been calculated in line with house price inflation since 1997, the threshold would stand at £145,000, helping more first time buyers onto the property ladder.
Our view
Stamp Duty Land Tax is just that, another tax. Despite the Chancellor or any others trying to play a political game by increasing the limit periodically in a budget that helps very few.