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| News » Residential Property Law » First-time buyers warned not to wait for relief on stamp duty |
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28/08/2008
First-time buyers warned not to wait for relief on stamp duty |
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First-time buyers should not wait for the stamp duty holiday proposed by the government, but rather find out the future value of a property.
That is the advice given by property website Firstrung that has suggested that the relief on stamp duty will be "impossible to implement"
Paul Holmes, chief executive of Firstrung, pointed out that the previous government had issues "trying to monitor mortgage interest relief", and that therefore attempting to "monitor a situation where only a specific group of buyers doesn't get charged stamp duty would be a nightmare".
Mr Holmes instead urged homeowners not to consider what a property is currently worth, or what it was valued at a month ago, but what it will be worth in a year's time.
According to the Royal Institution of Chartered Surveyors' (Rics), a couple who are first-time buyers and jointly earn £27,516 after taxes would have to save over 100 per cent of their joint salary to get enough to buy a 'typical' home. |
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