Nicholas Leeming, major client director of propertyfinder.com, commented on today’s CML figures showing first time buyers are struggling and calls for the stamp duty threshold to be raised:

‘First time buyers are struggling. The number of loans taken out by people getting their foot on the first rung of the ladder has dropped to the lowest level on record - something must be done to stimulate the bottom end of the market.

Home ownership aspirations are still strong but higher financing costs, and the ever increasing price of stamp duty, are preventing young families from buying a home. It takes time for lower interest rates to be passed on to borrowers and in the current climate lenders are demanding higher deposits. The government has a responsibility to intervene – they should raise the lower threshold to a sensible level to help first time buyers on to the ladder, and introduce marginal bands for everyone.’

source:
Michaella Waldren
The Wriglesworth Consultancy
Wellington House
125 Strand
London WC2R OAP
Tel: 020 7845 7900