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First time buyers pay stamp duty on new mortgages

11/03/2008

A recent survey carried out by Halifax showed that 99 per cent of first time buyers in the London area faced stamp duty fees.

Towards the north part of UK, the average first time buyer deposited in stamp duty 42 per cent of all local authorities.

Chief economist at Halifax, Martin Ellis, spoke further explaining the situation: "Stamp duty has again become an issue for first time buyers because the stamp duty thresholds have not kept pace with house price inflation. First time buyers in the south are most likely to pay but so too are a growing percentage in the north."

Mr Ellis also suggested that the government should increase the stamp duty threshold to compensate house prices, which increased over the last ten years.

Last week, the Association of Mortgage Intermediaries appointed for the government to offer a "budget for mortgages".


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