Stamp duty concession for first time buyers

The Royal Institute of Chartered Surveyors (RICS)  believe that the Chancellor’s reform of stamp duty will benefit first time buyers and benefit the new home building market.

Alistair Darling made homes worth up to £250,000 exempt from stamp duty for first-time buyers and introduced a higher rate of 5% above £1m to pay for the concession.

Commenting, RICS Chief Economist Simon Rubinsohn said:

‘Measures to help boost the housing market are welcome and moves to reshape stamp duty by shifting the burden from first time buyers at the lower end of the market towards those buying more expensive properties are a positive step.”

Reader comments on finance website this is money range from people who have just or are just about to complete wondering if they’ll qualify to those unhappy at the obsession with ‘boosting the housing market’.  More and more people seem to be questioning whether it is ‘right’ that the cost of housing is so high in terms of multiples of salary.