2008 Budget Comment
Paul Chafer, Commercial Director at Stroud & Swindon Building Society comments:
“We are delighted to hear the Chancellor has identified sites for 70,000 more homes, as supply has to increase in order to make space for first time buyers to enter the market. However, more has to be done to make these houses affordable for first time buyers.
“Although the Chancellor has proposed more long term fixed rate deals, this will do very little to ease the affordability problem for the masses. Stamp duty is something that should have taken prime position in the Budget, in order to show support for all first time buyers.
“Therefore, whilst welcome, we are disappointed to see that the only changes to stamp duty threshold were to shared ownership schemes. Stamp duty is something that must be bought in line with house price inflation for all borrowers – starting by raising the level at which stamp duty becomes payable to £200,000.
“First time buyers would undoubtedly benefit more from raising the threshold of this unfair tax, rather than having a range of long term fixed rate deals to choose from.”
-Ends-
For more information please contact:
David Greenleaf
Corporate Communications Manager
Stroud & Swindon
01453 768244
Lee Blackwell / Suman Katyal / Karen Butcher
The Wriglesworth Consultancy
020 7845 7900
Notes for Editors
About Stroud & Swindon Building Society:
Stroud & Swindon has assets in excess of £3 billion. The Society operates through a dedicated team of intermediary business development managers, with a branch network of 22 offices and 20 agencies in the South West, complemented by a contact centre based in Gloucestershire and website
www.stroudandswindon.co.uk.