Recent research carried out by Halifax has revealed that 40% of all property purchases in 2012 were made by first time buyers.
On the back of this research, Halifax has announced they are to pay the full stamp duty for first time buyers, on homes worth up to £250,000, in a further push to get more people onto the property ladder.
The special deal begins today, and will run until the 7th July and is available on a range of Halifax mortgage products.
Halifax Intermediaries Head of Sales, Ian Wilson, said: “Buying a home is one of the most expensive purchases many will ever make and the costs associated can place an extra burden on first time buyers.”
Wilson continued: “Stamp duty can often be the one of the largest cost that can be overlooked, particularly for buyers who are focused on saving an initial deposit for their first home.”
Mortgage and housing experts welcomed the move by the Halifax, which should help more first time buyers buy their home. However, some experts were quick to remind would-be first time buyers to take care to factor in all costs, including the interest rate and arrangement fees, as well as the reduction in stamp duty.