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April 10, 2010
Stamp Duty Cut Is Useless
The recent stamp duty break introduced by the government was supposed to get more budding first-time buyers into the market, but not everyone believes it is actually working.
It fundamentally comes down to finance and not Stamp Duty. According to Andrew Teacher of the British Property Federation, “if you can’t get hold of a mortgage, if you can’t raise the deposit you need to get that mortgage, then the property is still unaffordable whether stamp duty is 1% or 5%.”
What we really is incentives and good rates for banks to lend, if the first-time buyer does not qualify for a mortgage the cut is useless.