Calls mount for FTB Stamp Duty holiday to continue

Wednesday 15th February 2012

The Council of Mortgage Lenders is calling for the Stamp Duty break for first-time buyers to be extended beyond March 24, amid fears of a springtime slump.

The CML says that it fears a distortion in the market, with a damaging fall in activity after the exemption ends, and argues that it would cost little to keep the break going.

Its call has been backed by Charles Haresnape, managing director of Aldermore Residential Mortgages.

He said: “The CML is right to ask for the Stamp Duty exemption to be extended beyond March. The cost to the Government would be minor in comparison to the benefit it would offer home buyers on tight budgets.

“I believe it’s incumbent on both government and lenders to do everything possible to help first-time buyers and we need to see more being done to help this important sector of the market.”

Separately, Santander Mortgages said it estimated first-time buyers had been saved £319m by the Stamp Duty concession, which came into play in March 2010.