High stamp duty levels maintain high renter numbers |
08 2008 |
| The high cost of stamp duty is thought to be another factor behind growing numbers of prospective first-time buyers across the UK opting to stay in the rental accommodation sector. According to recent figures put forward by the Conservatives, 65 per cent of first-time buyers now have to pay the levy, thereby adding an average of £1,731 onto the cost of a property. Alongside already high house prices, which require large deposits to be paid, as well as a sense of uncertainty surrounding the housing market, millions of professionals are now choosing to stay in rented accommodation for longer, either to save up some money first or to ride out the economic turmoil. One house building company, Persimmon Homes, stated: "The percentage of property purchasers paying stamp duty is at its highest level yet and could continue to rise, which would result in peoples' financial outlay spiralling out of control." The comments come soon after London Councils, a body representing the capital's 32 boroughs, called on the chancellor to raise the one per cent stamp duty threshold to £250,000.  |
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