Budget helps FTBs

Posted: 13 Mar 2008 11:39:42 GMT

The chancellor of the exchequer announced a number of measures in his first Budget which are aimed at helping new buyers onto the UK property ladder.

The chancellor of the exchequer announced a number of measures in his first Budget which are aimed at helping new buyers onto the UK property ladder.

During his first Budget as chancellor, Alistair Darling revealed new plans which mean first-time buyers (FTBs) who enter into shared ownership agreements will not have to pay stamp duty until they own 80 per cent of the property.

In addition, shared equity schemes are to be established for key workers in order to help them onto the property ladder.

Commenting on the announcements, Richard Farr from Scottish Widows said that they were a "positive step" for first-time buyers.

"It's good to see the chancellor attempting to break down those initial barriers to buying a first home," he said.

"In the current economic environment it is harder than ever for first-time buyers to make this first step and hopefully… [these measures] will give key workers the extra boost that they need," added Mr Farr.

The Department for Communities and Local Government has also welcomed the announcements, stating that they will "increase affordability" for new buyers and key workers.

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