How the 2010 budget will help first time house buyers

Alistair Darling's budget plans announced on Wednesday may be a step in the right direction as far as first-time house buyers are concerned. Darling announced that he will double the stamp duty threshold from £125,000 to £250,000. This is good news for nine out of ten first time buyers.

Having said that, to compensate for this higher threshold, Robin Hood (sorry... I mean the Chancellor) will be zapping home-owners of properties worth more than £1million by a further 5%.

Despite my sarcasm, this move is welcomed by the property sector as a whole and it should, in the short term at least, have a positive impact on the industry. The average home in the UK is worth £170,000 so £250,000 seems like a bit of a random number. Perhaps it's not just first time buyers that will be attracted by the new stamp duty threshold.