/24-7PressRelease/ - LONDON, UK, March 16, 2008 - The budget provided a little help to the first-time buyers. The Chancellor Alistair Darling restricted the relief to those who qualify for shared equity, such as key workers.
The little relief came when the Chancellor announced that shared equity owners will not need to pay stamp duty until they own 80% of their home. Now, the schemes will only require the buyers to borrow a minimum of 50% of the purchase price compared to the earlier 75%. As both these provisions will provide relief to those who qualify for shared equity, the majority of the homeowners will be left struggling on their own.
The Chancellor also did not pay heed to calls for raising thresholds for stamp duty or introducing an incremental income tax-style system. The current system levies a percentage on the whole purchase amount like 1% above 125,000, 3% above 250,000 and 4% above 500,000.
Helen Adams, first time buyers' campaigner from FirstRungNow.com, said: "Today's speech offers no real respite for first time buyers. Simply allowing shared ownership property buyers only to have to pay stamp duty when they own 80% of the property will benefit very few individuals."
The first time buyers are already facing difficulties due to increased cost of home loans, tough lending conditions and high initial deposits required to purchase a house. Since the credit crunch, the secured loans and mortgages have become expensive while the personal loans have almost squeezed out.
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