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First-time Home Buyers Face High Duty
The average stamp duty for the first-time home buyers has nearly doubled in the last five years.
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March 13, 2008 (FPRC) -- The average stamp duty for the first-time home buyers has nearly doubled in the last five years. According to the figures from the Halifax bank, the average stamp duty paid by the first-time home buyers between 2002 and 2007 went up by 82%. The first time buyers are finding it hard to survive in the market as multiple factors have started hitting them badly.
After the credit crunch the cost of borrowing has added to the woes of the consumers, especially the first time buyers. These people are bearing the brunt of higher stamp duty, increased cost of borrowing and high home prices resulting in high initial deposits. The banks and the other lenders have tightened their loan criteria, and as a result, cheap home loans have now become a thing of the past.
The high stamp duty is another irritant in the way of the first time buyers who are trying hard to gain a foot on the property ladder. People buying home for the first time paid an average stamp duty of £1,751 in 2007 - almost the double they paid in 2002. The biggest stamp duty rise has been seen in London where home prices are the highest. In London, the average stamp duty comes out to £8,675.
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