First-time buyers are calling for the nil-rate stamp duty threshold to be retained, with a leading property website warning that changes could lead to a surge in prices.
Rightmove, which claims to have over 20 million monthly visitors, has urged the government to maintain the current threshold of £300,000, which was introduced in 2017.
The company’s chief executive, Peter Brooks, said: ‘We believe that the nil-rate threshold should be retained to help first-time buyers get on the housing ladder.’
According to Rightmove, the current threshold has helped to increase the number of first-time buyers, with 34% of all buyers in the past year being first-time purchasers.
However, the company warns that if the threshold is reduced, it could lead to a surge in prices, making it even harder for first-time buyers to get on the housing ladder.
Rightmove’s warning comes as the government is considering changes to the stamp duty system, which could see the nil-rate threshold reduced or abolished.
The company is urging the government to consider the impact that changes could have on first-time buyers, and to work with the industry to find a solution that benefits all parties.
Rightmove’s call comes as the housing market continues to face challenges, with many first-time buyers struggling to get on the housing ladder due to high prices and strict lending criteria.
In a statement, Rightmove said: ‘We believe that the nil-rate threshold should be retained to help first-time buyers get on the housing ladder. We urge the government to work with the industry to find a solution that benefits all parties.’
Rightmove’s warning is the latest in a series of concerns raised by the property industry about the impact of changes to the stamp duty system.
Industry experts warn that changes to the system could lead to a surge in prices, making it even harder for first-time buyers to get on the housing ladder.
Rightmove’s call comes as the government is considering changes to the stamp duty system, which could see the nil-rate threshold reduced or abolished.
The company is urging the government to consider the impact that changes could have on first-time buyers, and to work with the industry to find a solution that benefits all parties.
Rightmove’s warning is the latest in a series of concerns raised by the property industry about the impact of changes to the stamp duty system.
Industry experts warn that changes to the system could lead to a surge in prices, making it even harder for first-time buyers to get on the housing ladder.
Rightmove’s call comes as the government is considering changes to the stamp duty system, which could see the nil-rate threshold reduced or abolished.
The company is urging the government to consider the impact that changes could have on first-time buyers, and to work with the industry to find a solution that benefits all parties.
