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Article: Stamp Duty deters FTBs.
- Article from:
- Mortgage Strategy
- Article date:
- March 13, 2006
CopyrightCOPYRIGHT 2006 Centaur Communications Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Stamp Duty has been slammed for penalising first-time buyers, despite the rise in the exemption threshold from #60,000 to #120,000 last April.
A survey from the Royal Institution of Chartered Surveyors reveals 55% of estate agents believe the Stamp Duty threshold of #120,000 is deterring first-time buyers from entering the market, and 69% believe the 1% threshold of #250,000 is deterring them.
Research from Portman also reveals that in the nine months following the rise in the exemption threshold home owners collectively paid #57m more in Stamp Duty than in the nine months preceding the change, despite a fall in house sales over the same period.
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