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Housing sales dip reported.

FIRST-TIME buyer sales have slumped to a seven-month low following the withdrawal of a stamp duty exemption.

The National Association of Estate Agents (NAEA) said 17% of sales in May were made to those buying their first home, compared with 24% during the previous month.

Lenders and estate agents reported a rush to complete deals ahead of the deadline for the two-year concession in March, with sales which would have otherwise taken place later in the year being bunched up.

NAEA president Mark Hayward said: "The government's removal of the crucial stamp duty holiday for properties priced at pounds 250,000 and under has hit the fragile first-time buyer market hard."
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Title Annotation:Business
Publication:Daily Post (Liverpool, England)
Date:Jul 4, 2012
Words:111
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