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Stamp duty possibility dismissed

Stamp duty possibility dismissed

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The possibility of a viable plan being put in place to exempt first-time buyers from stamp duty for a time has been criticised as unworkable.

Paul Holmes, the chief executive officer of first-time buyer services firm Firstrung, argued that the previous government had encountered enough difficulty simply trying to apply mortgage interest tax relief to make a stamp duty move impossible.

He stated: "To try and monitor a situation where only a specific group of buyers doesn't get charged stamp duty would be a nightmare."

If the government decides such an undertaking is impractical, the upfront cost to buyers that this will sustain could increase the need for them to find the best mortgage quote.

The suspension of stamp duty would not be an unprecedented move as the Conservative government applied such a measure on properties priced at less than £250,000 for several months in 1992.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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