End of stamp duty holiday 'prompts FTB resurgence'

Posted: 06 Nov 2009 09:29:39 GMT

The forthcoming end to the stamp duty holiday has prompted an increase in property demand among first time buyers (FTBs).

At least that is the view of National Association of Estate Agents (NAEA) spokesperson Trevor Kent, who has claimed that those in a position to exchange and complete quickly may be able to escape the tax if buying a home for under £175,000.

On January 1st, all properties bought for more than £125,000 will carry a one per cent levy - as was the case before the government raised the threshold last year in light of the economic downturn.

Mr Kent's comments come after estate agent Winkworth reported that FTB enquiries have grown to 32 per cent after dropping to 19 per cent last year.

The NAEA representative said this upturn in interest from first timers was "excellent news".

"Virtually every chain begins with the first run and the first run is usually a first-time buyer," he added.


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