Bank wants government to keep stamp duty threshold in Autumn Budget

Aldermore Bank has called for the government to retain the minimum stamp duty threshold for first-time buyers, after conducting a poll.

As it stands first-time buyers only start paying stamp duty on properties worth £425,000, but that is set to revert back to £300,000 in April next year.

Over half (53%) of first-time buyers would prefer for the government to raise the stamp duty exemption even higher than £425,000.

Jon Cooper, director of mortgages at Aldermore, said: “We’ve seen homeownership become more difficult to attain, yet it remains a big life goal for over three in four (77%) prospective buyers.

“There’s been much speculation that the stamp duty exemption threshold will fall back to £300,000 from £425,000 in the Autumn Budget next week.

“We’re calling for the government to keep the current stamp duty exemption threshold, with concerns more individuals will be priced out of home ownership if it falls back.”

Nearly three in four (73%) first-time buyers feel the government needs to introduce new incentives and legislation to help them onto the property ladder.

Cooper added: “First-time buyers are desperate for more support to help them get on the property ladder, and while there is no silver bullet, keeping the threshold at the current £425,000 will make a considerable difference to many.”

The Autumn Budget takes place on October 30th.

Via @PropertyWire