Britain’s biggest housebuilders are urging ministers to reverse the recent hikes in stamp duty to help first-time buyers.
The end of a temporary tax break in April saw the amount first-time buyers could spend on a house before the levy kicked in fall from £425,000 to £300,000.
Bellway chief executive Jason Honeyman said he and other bosses are asking ministers to reverse the move and establish a deposit support scheme for first-time buyers to boost market sentiment.
He said: ‘Not every young person has the benefit of the bank of mum and dad or family financial help to support them.’
Reporting a 21 per cent rise in full-year profits to £221.9million, Bellway warned of ‘weak consumer sentiment’.
This followed the rise in stamp duty and comes amid worries about further tax hikes in November’s Budget.
Stamp duty hike: The end of a temporary tax break in April saw the amount first-time buyers could spend on a house before the levy kicked in fall from £425,000 to £300,000
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