Budget 'did not go far enough'

The government''s 2008 budget did not go far enough in helping first-time buyers get a foothold on the housing ladder, according to the online conveyancers convex.net.

Managing director Duncan Samuel said first-time buyers are the "foundation of the housing market" and therefore the chancellor should have offered them more if he wanted to ensure its long-term stability.

The budget did contain plans to exempt those entering shared ownership schemes from stamp duty until they own more than 80 per cent of the property.

However, Mr Samuel said this was not enough and he suggested that increasing the stamp duty threshold would have been more beneficial for those looking to get a mortgage on a first home.

"The budget could have helped all first-time buyers – those on shared-ownership schemes are only a small percentage," he remarked.

In his budget speech, the chancellor said there would be a consultation on how to encourage lenders to offer more long-term fixed rate mortgages to first-time buyers.

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