First Time Buyer Gloom 05 06 2007 - News Archive

First Time Buyer Gloom

It would appear that first time buyers (FTB’s) continue to be squeezed out of the UK property market. With this section on the property market already struggling to find affordable properties the rise in interest rates, couple with the threat of more on the way, seems to be taking its toll.

NAEA statistics for April show that the FTB share of the property market dropped to 10.3% from 12.6% the previous month.

Finding the money to pay stamp duty on your new home, when you have no ‘profit’ from the sale of your current house, is also a FTB problem. With the rises in property prices in the past few years many FTB properties now fall into at least the first band of stamp duty (1% for properties £125k - £250k).

NAEA president, Stewart Lilly has called on the government to abolish stamp duty for first time buyers to help them get a foot on the UK property ladder.
 
:: Added on: 05:06:2007 ::

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