Renting still the only way for would-be first-time buyers

19 2008
Prospective first-time buyers are likely to find it as hard as ever to get onto the property market, with many choosing to carry on renting for the foreseeable future, experts have stated.

The comments come on the back of Alistair Darling's first budget, which many have viewed as a missed opportunity to give would-be homebuyers a leg-up.

According to the Association of Mortgage Intermediaries (AMI) by keeping the system of stamp duty the same as before, Mr Darling is likely to ensure that thousands of professionals will stay in the rental sector for the time being.

"The government hasn't increased stamp duty thresholds in line with property prices, and the duty is increasingly becoming a stealth tax," commented Richard Farr, the organisation's director.

Just recently, the Liberal Democrats criticised the government's £100 million scheme aimed at helping first-time buyers as being totally inadequate, while other studies have shown that, in such a time of economic uncertainty, many professionals will be better off renting a property than attempting to buy one. ADNFCR-1219-ID-18516379-ADNFCR

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