Kent's First-Time Buyers Left Short From Stamp Duty Rise

22 March 2006

Despite raising the Stamp Duty threshold in today’s Budget, Chancellor Gordon Brown has still left Kent’s first-time buyers short, according to lawyer James Pigott, head of residential property at Furley Page Solicitors.

James Pigott said: “Although the threshold has been raised from £120,000 to £125,000, this should have been higher to really assist Kent’s first-time buyers as rising house prices means the average home still attracts Stamp Duty.

“At the moment, the average Kent house price is £207,462 and the average price of a flat is £139,059.00. To be of real benefit, the Chancellor should have set a threshold of at least £150,000. For many, Stamp Duty is the largest item of expenditure when buying a home or investment property.

“That said it was announced that the Deputy Prime Minister John Prescott would give details of plans for £970m for shared equity schemes to help 35,000 people get onto the housing ladder. This would help to stimulate the county’s housing market enabling new buyers to get on the first rung of the property ladder.

Mr Pigott, added: “In general, Kent house prices are still experiencing growth and an increase of first-time buyers, which is the Government’s aspiration, will stimulate the county’s property market.”
 

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