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03/12/2008
Stamp out stamp duty, SW19 says |
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Stamp duty should be abolished for first-time buyers, according to sales and lettings agency SW19.
Luke Bennett, founder and managing director of the Wimbledon-based company, suggests that stamp duty should be "completely wiped out" or abolished for all first-time buyers at the very least.
The government recently announced that stamp duty would not apply to residential properties worth £175,000 or less, for a period of one year from September 3rd 2008.
However, Mr Bennett says there is very little anyone can buy in and around London for that amount.
"A typical one or two bedroom flat is £300,000 so they have got to find that £9,000 or £10,000 stamp duty and that is a massive part on top of their moving cost," he adds.
At the time of the government's announcement, Mouseprice revealed that the percentage of total housing stock that is valued at less than £175,000 stood at 48.6 per cent. |
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