First-time buyers 'will benefit' from govt measures Published: 05/09/2008

First-time buyers will benefit from the government's new property market reforms, according to Halifax.

Earlier this week, the Treasury announced a raft of measures to help kick-start the property market.

One of the measures announced included cutting stamp duty on properties costing less than £175,000.

While some industry analysts have said the measures do not go far enough to help the market, Halifax has said first-time buyers will benefit from the change as they pay an average of £144,283 for their first property.

Now, thanks to the measures, the average first-time buyer will not have to pay stamp duty during the next 12 months while the scheme is being trialled.

But Nick Clegg, leader of the Liberal Democrats, criticised the government's plans. He said: "The government is... trying to bribe people into buying houses in a falling market.

"The last thing vulnerable first-time buyers need is Gordon Brown sucking them straight into negative equity with the housing market in free-fall."

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