First-time buyer news

Budget 'did not help first-time buyers enough'

19 March, 2008

Duncan Samuel, managing director of convex.net, explained that the government's proposals will help only a small number of those looking to get on the housing ladder.

Find a best-buy mortgage

He said: "The Budget could have helped all first-time buyers - those on shared-ownership schemes are only a small percentage - … they are the foundation of the housing market and should have been offered more from the Budget, such as raising the stamp duty threshold."

Under the changes to stamp duty announced yesterday, people who jointly purchase less than 80 per cent of a property will not have to pay any tax until they acquire the final 20 per cent of their home.

However, Mr Samuel warned that stamp duty will still be a burden to many people.

Find out how much stamp duty you will pay

According to figures released by the Council of Mortgage Lenders, the average first time buyer borrowed 3.32 times their income last month.