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Pre-election Boost for First Time Buyers |
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Written by Matt Brogan
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Wednesday, 24 March 2010 00:00 |
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First Time Buyers were handed a pre-election boost today worth up to £2,500 after the chancellor scrapped Stamp Duty Land Tax (SDLT) on homes costing up to £250,000.
The new £250,000 threshold, which takes effect at midnight tonight and will last for two years, meaning nine out of 10 people buying their first home will not be liable for the tax.
The move will be partly funded by an increase to 5% in the duty on homes costing £1m or more, which will see buyers of these properties having to hand over a minimum of £50,000 in tax. That change will come into force next April.
The chancellor said: "The housing market has now stabilised and has begun a slow recovery. But many first-time buyers, particularly those without large deposits, still find it hard to get a mortgage. I want to help them, but do so in a way that is properly funded."
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"Thank you for all your hard work with the sale of our home. We will be recommending you to our friends and family." - A & K.
"I had to write to say thank you for your efforts in the conveyance of my property. It was a long and difficult (not to mention frustrating!) process and I thought your approach was very professional and mature, you quite clearly care about the quality of service which you deliver.
"A thousand thanks to you for selling our house and for all your help during the last six months" Mr and Mrs S 