In response to The Policy Exchange’s report into the high levels of stamp duty tax paid by first-time buyers in the UK, Dave Bexon, managing director of SmartNewHomes.com, commented: “Stamp duty should be scrapped for all first-time buyers – plain and simple. If the Chancellor is serious about helping first-time buyers in the face of rising interest rates and spiralling house prices, he should scrap stamp duty tax altogether for this beleaguered group. This would help reverse the trend of ageing first-time buyers, many of whom cannot afford to buy their first home until they are in their thirties and forties, if at all.
“Currently, those in the south attempting to purchase a home under the £125,000 stamp duty tax threshold are faced with relocating hundreds of miles away from family and friends, as a result of the huge property price differences across the UK. There are currently no new properties for sale on the SmartnewHomes.com website for under £125,000.”
