Axe of Stamp Duty Holiday in UK to Affect First-time Buyers Activity

The latest research performed by website Mortgage Solutions revealed that the axe of the stamp duty holiday for properties worth up to 250,000 pounds will have negative consequences for the British housing market.

In particular, it will damage the property market for first-time buyers. These opinions are shared by as many as 37% of mortgage brokers in the UK.

Commenting on the end of the stamp duty holiday, which is due in spring 2012, David Sheppard of Perception Finance, UK-based provider of independent mortgage advice, said: "We are already getting enquiries from people saying they need to find a property quickly so they can get in before the 24 March tax deadline" meaning that Brits want to buy before the tax holiday is over. He, however, highlighted that the negative impact on the buyer's market is not going to have a long-lasting effect: "people will just accept the fact that it is no longer there and they will need to have that addition saved."