The National Housing Federation welcomed the Chancellor’s decision to scrap stamp duty on homes worth up to £250,000 for first time buyers – but called on the Government to do more to get the nationalised banks to free up mortgage lending on affordable homes.
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The changes to Stamp Duty announced in the Budget amount to a tax on London, Liam Bailey, head of residential research at Knight Frank commented.
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The National Association of Estate Agents (NAEA) has welcomed as a major victory Alistair Darling’s decision to raise the threshold of stamp duty land tax for two years.
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Commenting on the measures announced by the Chancellor in today’s Budget, Adrian Coles, Director-General of the Building Societies Association (BSA), said:
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From 25 March first-time buyers purchasing properties worth up to £250,000 will pay no stamp duty.
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The number of loans to first-time buyers hit a two-year high in December 2009, driven by a rush to buy properties in the £125,000 – £175,000 bracket before the year-end stamp duty concession expired, according to figures released by the Council of Mortgage Lenders.
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Area with low house prices where the obvious winners from the stamp duty holiday last year, the Council of Mortgage Lenders (CML) has said.
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