First-time buyer figures increase dramatically

Author: Move with Us10 Feb 12, 04:53 PM

First-time buyer figures have shot up as the Stamp Duty holiday comes to an end, according to Estate Agent Today.

The current Stamp Duty tax exemption relieves first-time buyers of the 1% tax due on any properties worth up to £250,000. The tax holiday however is due to end 24 March 2012 due to its perceived ineffectuality in bringing first-time buyers to the housing market.

Managing Director of Haart, Russell Jervis, noted that: “Our applicant levels have gone through the roof since Christmas and show no sign of slowing down, particularly among first-time buyers.

“The news that the Stamp Duty relief is to end has really focussed their minds and we’re see lots of people contacting us keen to move into their first home, particularly at the lower end of the scale, namely the sub-£150,000 market.”

Estate Agent Today even quoted us stating that “Estate agency network Move with Us has warned that in practice, February 14 will be the last possible day for first-time buyers to make an offer on property and expect to complete by March 24, and then only if they are ‘legally ready”.