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Convex.net: Budget does not help first-time buyers enough

The Budget, which was released by the government earlier this week, did not contain enough provisions for first time buyers.

That is the assertion of online conveyancers convex.net - who claimed yesterday that extra costs for homebuyers such as stamp duty should have been more legislated for.

Under new tax rules, buyers on shared ownership schemes will only pay stamp duty land tax on 20 per cent of their property - meaning that there is to be no duty levied on the remaining 80 per cent.

However, according to managing director of convex.net Duncan Samuel, this measure does not go far enough.

He commented: "The Budget could have helped all first-time buyers - those on shared-ownership schemes are only a small percentage.

"We have brought in lower conveyancing rates for first-time buyers and they are the foundation of the housing market and should have been offered more from the Budget, such as raising the stamp duty threshold."

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