First-time buyers still struggling to climb ladder
Homeowners hoping to sell their house may find that the changes to stamp duty threshold do little for their chances, it has been claimed.
According to Firstrung, the government's decision to waive stamp duty on properties being bought by first-time buyers for less than £250,000 will do little to help them.
Coming up with a deposit for a mortgage remains the main stumbling block for many would-be buyers, chief executive Paul Holmes explained.
He said that a recent moneysupermarket.com statement claiming that it has received more inquiries as a result of the changes could be misleading as first-time buyers will still struggle to make a purchase.
"The majority of people still approaching us for mortgages are miles away from being able to stack up even for a £150,000 purchase let alone £250,000. The majority of lenders are still asking for a 20-25 per cent deposit," he explained.
The comments could encourage homeowners to give up hope of selling up and decide instead to improve with something like a bespoke conservatory.
Posted by David Waxman
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