According to the National Association of Estate Agents, the stamp duty threshold rise has helped the number of first time buyers double over the last month. Although they believe that the rise was not enough, it has encouraged many buyers back to the market.
Their latest figures show that the number of first-time buyers has doubled over the last month from 10.1% in February, compared to 22.3% in March. Their research also shows that just fewer than 40% of estate agents reported an increase in the number of buyers since the budget, with the increase in first-time buyers noticeable in East Anglia, the Midlands, the North East and Scotland. Around a quarter of estate agents had also seen asking prices adjusted as a result of the new £120,000 threshold.
Our view
This is good news for people trying to get on the ladder but we cannot see it helping too many.