The abolition of stamp duty for anyone purchasing their first property under £250,000, as announced in the Budget, has provided a welcome kick start to the housing market, according to analysis from moneysupermarket.com.
In the week immediately following the Budget, moneysupermarket.com saw a 15% jump in the number of prospective first-time buyers visiting its mortgage comparison channel.
moneysupermarket.com is also tracking an improving trend in mortgage availability for first time buyers, after the lows of last year. This year there has been a 17% increase in the number of 90% mortgages available and the number of 80% loans available is up by a third. The average rate for first time buyers is 4.79%.
In addition, a poll of moneysupermarket.com customers shows that 76% believe it’s fair that the abolition of stamp duty only applies to those buying their first property. However, 18% recognise it’s still going to be difficult to buy a property as mortgages are hard to obtain.
Hannah-Mercedes Skenfield, mortgage channel manager at moneysupermarket.com, said: “There has been much debate over the past week as to what impact Darling’s measures will have on the housing market
