INCREASE IN STAMP DUTY THRESHOLDS WELCOMED BY LEADING NORFOLK ESTATE AGENT

The increase in stamp duty thresholds, especially for first-time buyers, have been welcomed by a leading Norfolk estate agent as ‘an overdue recognition of higher prices faced by buyers trying to get on the property ladder’.

Jan Hÿtch, residential partner at Arnolds Keys and chair of the Norwich & District Association of Estate Agents (NDAEA), said:

“The thresholds at which stamp duty becomes payable have remained at the same level for several years, during which time the prices which buyers are facing have risen considerably.

“The measures announced by the Chancellor today, especially the enhanced thresholds for first-time buyers, are an overdue recognition of higher prices faced by buyers trying to get on the property ladder.

“With rising interest rates, buyers are facing squeezed budgets, and reducing the amount of stamp duty which has to be paid at the point of purchase – or for some buyers removing that payment altogether – will make home ownership a more realistic prospect for many people.

“We would have liked to have seen a similar concession for down-sizers and ‘last-time buyers’, removing the blockages in the market which do have a ‘trickle down’ effect on properties available for first-time buyers and ‘second-steppers’.

“Nevertheless, this is a welcome move which will make the aspiration of home ownership more affordable for many people.”