FTBs disappointed by lack of action on stamp duty

First time buyers (FTBs) received a blow when the chancellor of the exchequer failed to raise the stamp duty threshold.

That is according to FirstRungNow, which says that Alistair Darling missed the chance to ease the woes of FTBs during his pre-budget speech.

The Conservative Party had announced just one week earlier that it would double the threshold if it came to power.

However, Helen Adams from FristRungNow said that FTBs were left disappointed that Mr Darling failed to follow suit.

"It's an enormous disappointment for first-time buyers, because apart from the deposit it's one of the biggest expenses they have to pay out," said the managing director of the firm.

"I'd like to see first-time buyers exempt from stamp duty. And rather than landlords being incentivised to buy one- or two-bedroom properties, I'd like to see them pay more tax," added Ms Adams.

FTBs were given a boost this week when it was revealed that inflation remained below the Bank of England's two per cent target, fuelling speculation that the base rate of interest may be cut before the end of the year.

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