Ending of stamp duty concession disappointing, says CML
Published: 29 November 2011
Responding to today's announcement as part of the Chancellor's Autumn Statement that the temporary first-time buyer stamp duty concession will end on 24 March 2012 as planned, CML director general Paul Smee said:
"It is disappointing to see the government withdrawing the stamp duty concession that currently benefits first-time buyers. While the concession may not have stimulated additional demand, it was a significant help to home-owners entering the market and its removal runs counter to the themes of the new housing strategy. It is likely that we will see a bunching of eligible first-time buyer transactions early next March to beat the expiry date on the concession."
Notes to editors
1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 94% of all residential mortgage lending in the UK. There are 11.2 million mortgages in the UK, with loans worth over £1.2 trillion.