Stamp-duty a 'burden' for FTBs
www.moneynews.co.uk > Housing market > Stamp-duty a 'burden' for FTBs
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Stamp-duty a 'burden' for FTBs
Wed 11th Jul 2007
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Research carried out by the group indicates that over two-thirds of people investing in bricks and mortar for the first time are burdened by the tax.
This bears a similarity to figures released by the Council of Mortgage Lenders yesterday, which shows that a record 60 per cent of first-time-buyers were liable to pay the tax in May.
Bradford & Bingley's figures also indicate that over half of people looking to get on to the property ladder thought stamp duty costs were higher than expected.
Andy Wiggans, director of mortgages at Bradford & Bingley, said: "Stamp Duty was never designed to be a tax on first-time-buyers, yet it now affects a vast proportion of them and is seriously hampering their ability to get a foothold on the property ladder."
Mr Wiggans urged the government to assess the "stealth tax" and undertake a "wholesale review" of it.
Related News : Housing market |
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