First time mortgage applicants benefitting from stamp duty holiday


People in search of their first mortgage appear to be making the most of the stamp duty holiday before it comes to an end in the coming weeks.
The break is taking effect in March and the National Association of Estate Agents (NAEA) has noted more first-time buyers (FTBs) showed interest in purchasing property in January than during any other four-week period in the last eight months.
According to the investigation, 23 per cent of all sales in the first month of this year were made to this group.
This represented a marked rise on the 21 per cent recorded in February 2011 and Wendy Evans-Scott, president of NAEA – which was founded in 1962 by the entrepreneur and estate agent Raymond Andrews – explained this trend is evidence that FTBs are eager to take action before the March deadline.
The industry figure explained her company worked hard to ensure the government introduced the tax exemption for FTBs, adding: “These latest figures certainly suggest that stamp duty is a key factor for those on tight budgets purchasing their first home .”

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