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GE Money: 3 in 4 call for stamp duty threshold rise

20 March 2007
Three quarters of Britons agree the stamp duty threshold should be raised from its current £125,000 lower bound, a study from mortgage lenders GE Money has found.

The largest proportion - 32 per cent - supported a scheme which would set regional thresholds which correspond to regional house prices.

Others argued the Treasury should simply link the threshold to market movements in house prices, while 18 per cent thought the threshold should stay where it is.

But respondents were less sympathetic towards first-time buyers; although 58 per cent argued chancellor Gordon Brown should increase the stamp duty exclusion band expressly for first-timers, another 38 per cent felt "special treatment" would be unfair on other homeowners.

"Despite… the clear need for action to be taken on current stamp duty thresholds, it is interesting to see that over a quarter of the public do not believe that first-time buyers should be given any more help than they received," GE Money's director of mortgage sales, Duncan Berry, commented.

However, a parallel survey conducted by GE Money among mortgage brokers revealed that 30 per cent thought stamp duty should not apply to first-time buyers at all, whatever the value of their future home.

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