Stamp duty suspension could help first-time buyers

Posted: 06 Aug 2008 13:10:53 GMT

First-time buyers may benefit from a government proposal to waive stamp duty to help struggling consumers get onto the housing ladder.

The plan would involve temporarily scrapping stamp duty to help kick-start the housing market.

If the plan is implemented, first-time buyers may still have to pay their stamp duty at a later date.

Alistair Darling, the chancellor, refused to confirm whether he would be introducing the stamp duty holiday.

He commented: "I am looking at a number of measures and I am not going to be drawn on that because we have not concluded what exactly we need to do."

He continued: "It is helping people and that is important. I want to look at a range of options that will help people."

Peter Bolton King, chief executive of The National Association of Estate Agents (NAEA), said that it was "encouraging" that the government were considering suspending stamp duty.

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