Stamp duty deadline looms

21-Feb-2012

First time buyers have been urged to get their foot on the property ladder before the deadline of the stamp duty holiday, which has saved first time buyers a reported £319 million.

The stamp duty holiday comes to an end on March 24th, with homes under £250,000 exempt from the tax until that date. Once the holiday passes, those who purchase property worth more than £125,000 will have to pay one per cent of their overall final paid price in stamp duty, equating to up to a maximum value of £2,500 each.

Phil Cliff, director of Santander Mortgages, commented: "The end of the stamp duty tax holiday is looming so we're urging new buyers who are in the process of purchasing a home or even those hoping to do so in the immediate future to act fast."

There have been several local government initiatives established around the country to act as a buffer for increasing stamp duty costs. Liverpool City Council, Manchester City Council and Kent County Council have all pledged millions of funds to help first time buyers. Additionally, there are plans for funding in east Lancashire and Essex.

A government first time buyers scheme can offer shared equity or shared ownership options.

Published by Helen Adams

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