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Agencies Call for Stamp Duty Threshhold Increase
Many organisations are now calling for Alistair Darling to increase the thresholds for stamp duty in the up and coming budget. The calls come after another base rate hold yesterday. The mortgage market is going through a turbulent time with it becoming a lot more difficult to get a mortgage due to the effect of the credit crunch. There is the danger that customers will no longer be able to get mortgage and that those that do will have to pay more for them. Certainly mortgage brokers will be working a lot harder for their client in order to get them a competitive deal.
The Association on Mortgage Intermediaries has raised significant concerns that the recent capital gains tax changes will not help as buy to let investors are further incentivised to stay invested in property. They also state that stamp duty thresholds have not risen in line with property prices which mean that that are now in real terms more than 10 years ago.
The comments were echoed by Connell's a leading agency that said that the chancellor should immediately raise the stamp duty threshold to help first time buyers onto the market and moot possible exemptions for some first time buyers.
Bank of England chose to hold the cost of borrowing at a rate of 5.75%
Uk borrowers will breath a sigh of relief at the Bank of England’s Monitory Policy committee’s decision not to raise the rate to 6%
The governments key target of 2% inflation is still not being met (currently running at 2.4%). The inflation figures due to be released next week which will give a good indication of if we can expect a rise next month or not.
Mortgage Broker .co.uk has seen the numbers of first time buyers struggling to get on the property ladder increase since August 06 in which time we have seen a 1.25% rise in interest rates. The rate rise over the last year has been equivalent to a £156.25 worth of additional interest payments per month on a £150,000 mortgage.
03 August 07
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