First-time buyers 'aiming to escape stamp duty'
Many first-time buyers are rushing to complete their property
purchase before the end of the year in order to escape stamp duty,
one expert claims.
Trevor Kent, a spokesperson for the National Association of Estate
Agents (NAEA), described the influx of first-time buyers to the
market as "excellent news".
As chains usually begin with people taking their first step on the
property ladder, he explained that it was having a positive impact
on the market as a whole.
However, he cautioned that "demand is not necessarily the same as
purchasing" and many may encounter difficulties when trying to
raise funds from a lender to make the transaction.
In October, the Council of Mortgage Lenders reported that in August
2009 the number of home loans made available to first-time buyers
had increased by 32 per cent compared to the same month in the
However, the figures represented a five per cent drop compared to
July this year.