Home Sale Network’s Doncaster Member Offers its 2004 Budget Wish List
Raising the Stamp Duty threshold to help struggling first-time buyers should be a headline feature of this months Budget Statement, according to 740 of the UKs leading independent estate agents.
Ahead of this months Budget, the UKs largest network of independent estate agents, the Home Sale Network, questioned their members to find out what measures Gordon Brown should include in the 2004 Budget to help homebuyers and sellers, and in particular first-time buyers.
The survey revealed that over half (52%) felt that the most realistic measure that Gordon Brown could implement for first-time buyers would be to raise the Stamp Duty threshold to £150,000. A further 40% said it should be raised to £100,000.
The local Home Sale Network member in Doncaster, Neil Harrison of Johnsons said: “The starting threshold for stamp duty has remained at £60,000 despite average house prices having soared beyond twice that figure.
“The Chancellor could make a real difference in the Budget by raising the threshold for Stamp Duty from £60,000 to at least £100,000, if not £150,000 – and extending the number of special localities where he has removed Stamp Duty.
“The current threshold is now too low to have much effect for most people, particularly first-time buyers in London and the South East.”
Other ways that Gordon Brown could provide a boost for would be first-time buyers according to Home Sale Network would be to exempt them from Stamp Duty altogether (32%) or to extend the Governments home buying loan scheme for key workers to also include first-time buyers (24%).
Mr Harrison continued: “Stamp Duty isn’t the only rod in the back for first-time buyers. Council tax has risen dramatically for most households over the past few years and this is something that young buyers now have to factor in when choosing a home.
“We will have a crisis on our hands if the situation isn’t improved for first-time buyers and Gordon Brown is one of the only people who can have a real impact on making homes affordable again in the UK.”
March 2004