FTBs not helped by Darling says National Hombuyers
Many people may struggle to make a fast property sale because first-time buyers (FTBs) have not received enough help from the chancellor of the exchequer.
[UKPRwire, Thu Mar 20 2008] That is according to Convex, which said that Alistair Darling did not go far enough in helping FTBs onto the property ladder.
Mr Darling announced some changes regarding stamp duty and shared ownership, but he failed to raise the threshold.
It means that the vast majority of FTBs still cannot afford to purchase properties, which may lead to a surge in people seeking a fast property sale as falling demand leads to falling prices.
"The Budget could have helped all first-time buyers – those on shared-ownership schemes are only a small percentage," said Duncan Samuel, managing director of Convex.
"We have brought in lower conveyancing rates for first-time buyers and they are the foundation of the housing market and should have been offered more from the Budget, such as raising the stamp duty threshold," he added.
Cash for homes property expert Julian King comments, "Assistance from Mr Darling was non-existant. As the government are keen to curb any inflation, it is hardly surprising.
"However the knock-on effect to the homeowner is of concern. Fewer buyers means property prices will continue to slow, making a fast property sale at the right price extraordinarily difficult".
Mr King is a director of the UK's leading fast property buying company. National Homebuyers offer a series of solutions for people who want a quick property sale> The company is also the leaders in Sell and Rent Back products where the vendor can sell their property for up to market value but remain living in their home.