Brits demand stamp duty changes

The majority of Brits want to see Gordon Brown change the stamp duty bands to bring them in line with current house prices.

A poll, carried out by GE Money Lending, has found that 71 per cent of us want Mr Brown to announce changes during the upcoming Budget statement.

Many people, 32 per cent of those asked, believe that the stamp duty exclusion band, which currently includes homes costing less than £125,000, should be increased to regional average prices.

However, one in four people accept that this is unlikely to happen and simply want Mr Brown to link the exemption band to house price increases moving forward.

Although most Brits are unified when it comes to increasing the stamp duty exemption band, we are more divided when it comes to helping first-time buyers to get onto the property ladder.

A majority 58 per cent want the Chancellor to increase the stamp duty exemption band for first-time buyers only and most want to see them given help in one way or another.

In contrast, 38 per cent believe that helping first-time buyers too much is unfair on those who have already paid.

“What is… interesting is the polarised levels of empathy consumers have when it comes to the plight of first time buyers,” commented Duncan Berry, director of mortgage sales at GE Money Lending.

“It is important that lenders continue to understand the difficulties faced by this group, developing new and innovative ways of helping them to get onto the housing ladder.”

If you are a first-time buyer who is looking to take out a mortgage make sure you shop around to find the best deal for you.

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