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AMI urges stamp duty threshold change

The Association of Mortgage Intermediaries (AMI) has said a revision of stamp duty thresholds should be a policy priority for the government as it prepares to announce new policies to help the housing market.

AMI director general Chris Cummings argued that there has not been enough revision of the thresholds in recent years, stating: "If stamp duty had risen with the rate of inflation the entry level would exclude most first-time buyers as opposed to the current level of £125,000."

The stamp duty thresholds have a greater effect on first-time buyers in locations such as London, where house prices are higher.

Mr Cummings also called for a review of income support for mortgage interest and a cut in taxes on home improvements.

The Chartered Institute of Housing has also suggested the introduction of new measures to help those with mortgages should they have problems.

It said a national system of assistance would avoid having geographical variations in the extent of help that is available to those who need it.