Good news for first-time house buyers

9:40am Sunday 7th September 2008

STAMP duty changes announced by the Government this week to boost the ailing housing market can only be good news for Bury.

That’s according to Shefali Talukdar, a senior partner and residential solicitor at Bury-based Clough & Willis. Her comments come in the wake of the news that stamp duty is being suspended for one year on properties that cost less than £175,000.

Shefali Talukdar said: “Bury, like many towns across the North West and the rest of the UK, has seen a slump in its housing market thanks, in part, to years of spiralling price rises. Recent reports that repossessions are on the increase and that the economy has hit its lowest point in 60 years has just added to the woe, so this news will hopefully kick start the crucial first time buyer sector that has been simply priced out of the market.”

The good news doesn’t stop at the stamp duty holiday as first-time buyers who have less than £60,000 annual income will be able to buy newly built properties with an equity loan of up to 30 per cent of the property’s value.

The Government has also announced a number of initiatives to help families and homeowners in financial difficulty. The new £1 billion scheme will enable people to sell their property to a registered social landlord who will pay off the mortgage and then offer the sellers the option to rent the property at a lower price. They will also have the opportunity to enter into shared ownership scheme.

Shefali added: “These new schemes have a number of benefits for different groups. So, I’m hopeful this is the start of a much-needed recovery programme including right here in Bury — especially as last week our very own council reduced the price of the local search in this area from £120 to £79.”