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One in four FTBs find stamp duty a major burden

Stamp duty is a major obstacle for a quarter of first-time buyers, according to research by Alliance & Leicester Mortgages.

Half of first-time buyers say they only realised stamp duty was an additional expense after beginning the mortgage process.

One in four found out about stamp duty while shopping around for their mortgage, one in 20 discovered the cost from their solicitor while one in 20 did not learn about stamp duty until they had received their mortgage offer.

Of buyers looking for a property in the next 12 months, 63 per cent have not thought about stamp duty while 30 per cent do not know what it is.

A&L says four times as many first-time buyers are affected by stamp duty now compared with 30 years ago.
Director of mortgages Stephen Leonard says: “Alliance & Leicester’s findings show that the cost of stamp duty is a real issue for first-time buyers. There are more than four times as many first-time buyers today who view stamp duty as a challenge to buying a home compared with 30 years ago.”

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