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Mortgages - Budget 'did not go far enough' for first-time buyers - 14/03/2008

  
 
  First time buyers should have been given more help by this week's Budget, online conveyencers convex.net claimed yesterday.

According to the firm, stamp duty provisions should have been expanded to cover more homebuyers.

Currently, those on shared ownership schemes are to only pay stamp duty on 20 per cent of the purchased property - leaving the remaining 80 per cent duty-free.

Commenting, Duncan Samuel at convex.net said: "The Budget could have helped all first-time buyers - those on shared-ownership schemes are only a small percentage.

"We have brought in lower conveyancing rates for first-time buyers and they are the foundation of the housing market and should have been offered more from the Budget, such as raising the stamp duty threshold."

Figures from the Council of Mortgage Lenders released earlier this month showed that conditions for first time buyers in the UK are worsening as a result of the credit crunch, which has seen many firms tightening their lending criteria.

The average minimum deposit amount currently required by lenders on a property has hit 12 per cent for January - up from ten per cent the previous month.
 
     
 
 
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