Renting still the most viable option as Darling 'misses opportunity' to help first-time buyers |
13 2008 |
| The chancellor of the exchequer, Alistair Darling, has been criticised for failing to help out first-time buyers. As a result, it seems likely that renting will continue to grow in popularity as young Britons put their home ownership ambitions on the backburner and settle for a less financially-troubled existence as a tenant. According to Richard Farr, director of the Association of Mortgage Intermediaries (AMI), Darling's first Budget did not appeal to first-time buyers. "[The Budget was] a missed opportunity to help homeowners, and those aspiring to property ownership," he commented. "We would have expected the chancellor to address the challenging market conditions and revise stamp duty. Our research also shows that borrowers remain to be convinced by long-term fixed-rate mortgages." It had been hoped that the chancellor would increase the stamp duty threshold to ensure first-time buyers escaped the tax. However, Darling announced that only key workers such as teachers and nurses would be given extra help to climb onto the property ladder through changes to the home shared ownership scheme.  |
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