Abbey mortgages: Stamp duty reform 'not enough'

Money News

www.moneynews.co.uk > Housing market > Abbey mortgages: Stamp duty reform 'not enough'

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

Abbey mortgages: Stamp duty reform 'not enough'

Abbey National has welcomed the chancellor's plans to eliminate stamp duty for people who own less than 80 per cent of a property in a shared ownership scheme, but calls for more wide-ranging reforms.

It warns that first-time buyers who are looking for a place of their own will "continue to suffer" because of high stamp duties, which may cause yet more of them to delay making their first step onto the property ladder.

Abbey has suggested an increase to the nil rate threshold, or, "at the very least", making stamp duty incremental so it works more like income tax.

Currently if a person falls into the higher threshold, even by a small amount, then they have to pay the higher rate on the whole amount.

"This penalises all buyers, but for first-timers who are already struggling, it adds to the burden," Abbey said.

Earlier this week Halifax called on the government to raise stamp duty thresholds, after its research revealed that last year the average first-time buyer paid stamp duty in 99 per cent of local authorities in the south of the UK.
ADNFCR-323-ID-18507083-ADNFCR

Related News : Housing market

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Related News : Santander

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet