FTBs 'making the most' of stamp duty holiday
23rd Feb 2012
The country's first-time buyers (FTBs) are making the most of the stamp duty holiday as they purchase UK property, a new study has suggested.
Figures published by National Association of Estate Agents (NAEA) show that more FTBs visited estate agents in January than at any point in the previous eight months, with 23 per cent of overall sales last month involving first timers.
This is the third consecutive monthly increase in transactions to FTBs and the highest proportion since May 2011, when it stood at 24 per cent, noted Wendy Evans-Scott, president of the NAEA.
She explained that FTBs appear to be taking advantage of the Stamp Duty Holiday before it comes to an end in March.
"The NAEA and other property specialists campaigned hard for the Government to introduce the tax exemption to support First Time Buyers, and these latest figures certainly suggest that stamp duty is a key factor for those on tight budgets purchasing their first home,2 she added.
It comes after a recent survey carried out by e.surv found that the overall number of FTBs in the UK rose in 2011, largely driven by a growth in loan-to-value lending.
There were 32 per cent more loans with a deposit of 15 per cent or under in 2011 than in 2010, as lending conditions for FTBs improved.
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