Released on = July 17, 2007, 4:39 am

Press Release Author = Charlotte Burrows

Industry = Real Estate

Press Release Summary = Stamp duty is hampering first-time buyers\' (FTBs) attempts
to get onto the property ladder.

Press Release Body = That is according to Bradford & Bingley which says that 68 per
cent of FTBs have paid or will pay the tax.

It comes at a time when interest rates are at a six-year high and affordability is
particularly low, meaning that there are few new buyers entering the property
market.

This is bad news for homeowners who are looking to sell their property and Bradford
& Bingley has joined rising calls for the government to scrap stamp duty.


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\"Stamp duty was never designed to be a tax on first-time buyers, yet it now affects
a vast proportion of them and is seriously hampering their ability to get a foothold
on the property ladder,\" said Andy Wiggans, director of mortgages at the firm.

\"The average first-time buyer now has to find over £1,000 to pay this tax, at a time
when most are struggling to even fund a deposit.\"

The company says that many FTBs are turning to their parents for help but this is
leading to further financial problems.

With interest rates currently rising, parents are finding it difficult to justify a
remortgage or taking out a loan on their child\'s behalf.

Home sellers have been experiencing the negative effects of the lack of buyers for
some time says the UK\'s leading property purchase firm.

\"It\'s taking longer to sell a property through the traditional \'open market\' route,\"
says National Homebuyers director Julian King.

\"With the average time on the market in the three-month region, this does not suit
many home sellers\' situation.

\"We have received a 250 per cent increase in the number of enquiries to National
Homebuyers year-on-year. This shows that homeowners looking to sell are showing
signs that selling through an estate agent does not suit their needs,\" says King.

The additional cost to FTBs will limit the number of potential purchasers says
National Homebuyers, leading to the fall of property prices across the UK, because
vendors cannot achieve the expected price for their home.

National Homebuyers is the UK\'s leading fast purchase property firm, guaranteeing a
quick property sale for any UK property, regardless of the vendors\' reason for sale
or the property\'s condition or location.

Web Site = http://www.nationalhomebuyers.co.uk

Contact Details = Sterling House
20 Victoria Way
Burgess Hill
West Sussex
RH15 9NF
0870 979 8118
Fax: 01444 257333
info@nationalhomebuyers.co.uk