Edinburgh’s leading property solicitor has welcomed the decision by Chancellor Darling to scrap Stamp Duty on purchases of up to £250,000 for first-time buyers.
Following the announcement in today’s Budget, Warners’ estate agency partner Scott Brown said: “First time buyers are the key to revitalising the UK’s property market, so anything that encourages them to take their first steps on the property ladder is to be welcomed.
“This decision on Stamp Duty should help make their first purchases less of a financial burden – which, in turn, will release owners of entry level properties to move up the property ladder. And if properties in this sector start moving again it will help to get things moving again up all levels of the property ladder.
“However, I would have preferred to see more done to provide financial aid for first-time buyers who are currently unable to buy their first home. If the Chancellor had provided additional funding for those buyers who do not get help from the Bank of Mum & Dad – and do not have a large deposit in place for their first purchase – it would have helped to stimulate the market further.
“Nevertheless the decision to scrap Stamp Duty for first time buyers is still a positive move and the Chancellor should be commended for trying to stimulate more activity in the UK’s property market.”
Warners, who has four property shops in Edinburgh and Lothians, has been the leading property solicitor in terms of property listings, property sales and total sales value in the ESPC for the past 11 years.