5 Nov

First-time buyers 'aiming to escape stamp duty'

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 previous year.

However, the figures represented a five per cent drop compared to July this year.
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