Rics reacts with 'disappointment' to Budget news

22-Mar-2007

In news which may be of interest to first time buyers, the Royal Institution of Chartered Surveyors (Rics) has announced its disappointment at the chancellor's new stamp duty exemption initiatives.

Following yesterday's budgetary announcements, the chancellor has confirmed that for a limited period, new homes up to a value of £500,000 will be exempt from stamp duty providing they are zero-carbon rated, which may benefit first time buyers as well as repeat purchasers.

"With new homes representing a mere one to two per cent of the current housing stock and the full definition of a zero-carbon home still undefined, the percentage of homes that will actually fall within these parameters is unclear but the impact will be [limited], said Brian Berry, head of UK public policy at Rics.

Under new proposals zero-carbon properties over a threshold of £500,000 will also be free of stamp duty.

Find out more about the house-buying process including stamp duty, home information packs and conveyancing click here.

In related news on the Budget, the chancellor announced a number of other measures, including a 2p reduction in the rate of income tax.

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