Nationwide say investors hit by stamp duty

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Nationwide say investors hit by stamp duty

Three quarters of first time buyers are now being hit by stamp duty, according to Nationwide.

The figure stood at just 18 per cent ten years ago - the bank has revealed.

The tax costs £1,070 on average to those dipping their toes in the housing market for the first time. Additionally people are now buying their own home for the first time aged 31 - four years older than in the 1980s.

Alex Bannister, Nationwide's group economist, noted: "Nationwide Building Society is calling on the government to raise the stamp duty threshold from £60,000 to £150,000 for first-time buyers."

He added: "If Nationwide's proposals were introduced the vast majority of first-time buyers in all regions of the UK would escape this tax."

This is important as he pointed out that the number of first-time buyers is at its lowest level for 20 years.

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