First time buyers priced out of Hampshire’s housing market.
Sir George warns of damaging effect of Government stealth taxes
Sir George Young has pointed to new research by the Halifax that there are fewer first-time buyers in the housing market across Hampshire and they are getting older - as evidence of the knock-on effects of Labour’s property stealth taxes.
“This is further proof that Labour’s stealth taxes have made it more difficult to get on the first rung of the housing ladder in Hampshire. Across the South East, the average deposit required for a first time buyer has risen by £13,387 since Labour were elected – from £7964 in 1997 to £21,351 now. Yet Labour have just piled a series of new property-related taxes onto current and potential home owners. No wonder the average age of a first time buyer is now 36
Average council tax has risen by three times the rate of inflation, adding £212 to the average Band D bill.
The abolition of mortgage tax relief has cost most home owners an estimated £326 in extra tax.
The freezing of stamp duty thresholds, even though property prices have soared, has meant an extra £685 in stamp duty for the average first time buyer.
“This £1,200 tax grab is having a direct and worrying effect on the affordability of owning your own home.”