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A&L hits out at Chancellor on stamp duty

Alliance & Leicester has expressed disappointment with yesterday’s pre-Budget report.

The mortgage lender had hoped the stamp duty threshold would be reformed to help first-time buyers onto the property ladder.

A&L director of mortgages Stephen Leonard says: “Alliance & Leicester is disappointed there was no mention of stamp duty thresholds. Our research reveals that six in ten (61%) FTBs are looking for homes over the current stamp duty threshold of £125,000, rising to nine in ten (91%) living in London.

“This is an additional burden on those first time buyers already struggling with the continuing rise in house prices. First time buyers currently make up around 40 per cent of the housing market. Not addressing the issue of stamp duty will deter first time buyers from getting on the property ladder, with an effect on the entire housing market.

“The current average house price for a first time buyer stands at £151,535, therefore the limit needs to be at least this amount to have any effect. Therefore, A&L will continue to press for first time buyers to be made exempt from paying stamp duty.”

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