MarketPlace wants budget to help first time buyers

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MarketPlace wants budget to help first time buyers

The UK's biggest independent financial advisor (IFA), The MarketPlace at Bradford & Bingley, has said that this year's budget must encourage first time buyers back to the market and reward those who plan for the future.

The MarketPlace notes that the proportion of first time buyers entering the property market has fallen dramatically over the last few years. From a historical norm of around 40-50 per cent, 2003 saw the proportion of first time buyer lending fall to just 29 per cent.

To rectify this the IFA has called for more stamp duty tiers, more funding for housing associations and a raising of the inheritance tax threshold.

David Bitner, head of product operations at The MarketPlace, said: "Rising property prices over the last few years - which in itself has deterred many first time buyers from getting onto the ladder - has also meant increasing numbers are being hit with these extra [tax] burdens. A double whammy."

To reward savers, The MarketPlace says that the ISAs should be extended beyond 2009; that the chancellor needs to think again about lowering the amount of money that can be invested; and that Gordon Brown should review married couples tax allowance.

Additionally Nick Breton, retirement spokesperson for The MarketPlace, said income tax levels should increase the stakeholder charge cap to 1.5 per cent: "To bring the cap into line with the average unit trust of 1.5 per cent and the 1.5 per cent cap on the proposed Child Trust Funds."

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