First-time buyer stamp duty benefits remain questionable
The benefits of raising the stamp duty threshold to encourage first-time buyers on to the property ladder have been questioned by a leading property organisation.
Speaking to the BBC, the British Property Federation said that stamp duty measures will not provide solutions to the issues facing people looking to buy homes.
Its spokesperson Andrew Teacher commented that a bigger issue facing house hunters was getting hold of sufficient finance.
He added: "If you can't get hold of a mortgage, if you can't raise the deposit you need to get that mortgage, then the property is still unaffordable whether stamp duty is one per cent or five per cent."
Furthermore, a recent report from the Independent found that deposits accounted for around 64 per cent of an individual's annual salary and more often are in excess of 20 per cent of the property's value.
With deposits and lack of mortgage credit continuing to create an obstacle for first-time buyers, perhaps they will consider looking for property to rent in the London borough of Lambeth, or elsewhere in the UK, instead.
By Charles Mackay
Published 12th April, 2010
© 2010 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
St John's Wood brings the village atmosphere to the capital
St John’s Wood is a great location for people looking to capitalise on all the benefits of London living without being caught up in all the hustle and bustle.
Read Article ... Published on 26th May, 2015
Yeading: Enjoy peaceful city living in an up-and-coming area
Yeading is a laid-back and peaceful residential area situated north-east of Hayes and is one of the most up-and-coming areas of the capital.
Read Article ... Published on 26th May, 2015
Hanwell: A green, peaceful environment for Londoners
Hanwell is a small town located in the Borough of Ealing and is in between Ealing and Southall, providing excellent transport links to the rest of the capital.
Read Article ... Published on 26th May, 2015
Mitcham Carnival announced for June
Mitcham Carnival has been announced for Saturday June 13th at Three Kings Piece.
Read Article ... Published on 22nd May, 2015
Hammersmith and Fulham Council start Park consultation
Hammersmith and Fulham Council have launched a new consultation on Hammersmith Park, inviting local residents to have their say on the area and how it can be improved.
Read Article ... Published on 22nd May, 2015
New conservation areas planned around Waltham Forest
Waltham Forest has announced plans for two new conservation areas near Lloyd Park and Bakers Arms town centre.
Read Article ... Published on 20th May, 2015
Sutton Council announces Take Part Take Pride summer festival
Sutton Council has announced its Take Part Take Pride summer festival.
Read Article ... Published on 20th May, 2015
Brent Council teams with Brent Housing Partnership in new project
Brent Council has partnered with the Brent Housing Partnership as it aims to improve the standard of housing for local people.
Read Article ... Published on 19th May, 2015
Gardeners prepare for Islington In Bloom
Islington Council is preparing for this year’s “In Bloom” event by teaming up with local gardeners to identify the best greenery available in the area.
Read Article ... Published on 15th May, 2015
New fitness centre set to open in Manor Park
A new fitness centre is expected to be opened in Manor Park by Newham Council.
Read Article ... Published on 15th May, 2015
Those looking for their first home might consider looking for property to rent in the London borough of Lambeth, or elsewhere in the UK, as the benefits of increasing the stamp duty threshold remain questionable.