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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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"We just wanted to say thank you for your professionalism and refreshing approachability during our house move process. We were really pleased with the level of Service and would not hesitate to recommend you to any friends or family who are stupid enough to go through the house move process!" - Mr & Mrs J.
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"A quick note to say thank you so much for jumping in - to a less than easy case! - at such short notice, and for your ongoing help and support" - Miss C 