Extend stamp duty holiday, say lenders
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 spring slump.
Its chief economist Bob Pannell says: “The CML expects first-time buyer transactions to pick up as the concession end date looms nearer. For those who miss the deadline, the credit-constrained environment we find ourselves in means first-time buyers will increasingly have to fund stamp duty from their back pockets, so the end of the concession will have a real impact.”
The CML and RICS say house sales have edged up slightly as first-time buyers look to beat the end of the stamp duty holiday. They also fear mortgage lending will be down.