Stephen Leonard, director of mortgages at Alliance and Leicester comments on the Budget

Edited by the Insidemoneytalk editorial team Mar 22, 2007

Missed opportunity to help first time buyers

"This Budget is a lost opportunity to redress the burden of stamp duty".

"Alliance and Leicester has campaigned for more help for first time buyers as our research reveals that the majority of them are caught in this tax trap, preventing them from getting a foot on the property ladder".

"Two-thirds (62%) of first-time buyers are looking for homes over the current ?125,000 stamp duty threshold".

""House prices have risen over 11 per cent in the past year*, and as the current average house price for a first time buyer stands at ?151,030**, the limit needs to be at least this amount to have any effect".

""First time buyers are a vital part of the housing market, and the Government should be doing everything it can to encourage more people to become homeowners".

"Therefore, Alliance and Leicester will continue to fight for first time buyers to be made exempt from paying stamp duty.".