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Stamp duty overlooked in Budget
The decision not to change the Stamp Duty Land Tax (SDLT) for house buyers has been described as disappointing by industry experts.
Financial commentators had been hoping first time buyers and the housing market generally would have been given a boost by changes to the £125,000 to £250,000 bracket that currently pays one per cent in SDLT.
However, help was offered to buyers taking advantage of shared ownership schemes who will now not have to pay SDLT until they own 80 per cent of their property.
Buyers will also be able to buy shared ownership houses with a reduced equity contribution of 50 per cent.
The National Association of Estate Agents (NAEA) saw SDLT as one of the key factors within the Budget, and feel it has been overlooked in Darling's Budget.
Peter Bolton King, chief executive of the NAEA, said: “We have made repeated calls for a full revision of stamp duty.
“Recent reports show that the average stamp duty bill for first-time buyers has almost doubled over the last five years.
"Total stamp duty revenue from residential property sales in the UK rose by 40 per cent in 2006/07 to £6.4 billion.
“This is taxation gone mad! This government needs to realise that the housing market is slowing and the gravy train is over.
“This was an opportunity for the Chancellor to give the housing market the boost it needs, but he has failed the British homeowner again,” Mr Bolton King added.
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