Properties below £175,000 now exempt from stamp duty
Breaking news on the Chancellor's attempt to revive the housing market
Alistair Darling has announced that buyer’s of homes worth under £175,000 will not have to pay stamp duty in a government bid to get the country through its economic crisis.
The £125,000 threshold at which buyers now pay one per cent stamp duty is to be raised by £50,000 and frozen at the new level for one year. Under this new scheme, which will cost the treasury £600 million, someone buying a home for £175,000 will now save £1,750.
According to property experts Mouseprice.com, the percentage of properties worth less than £175,000 and therefore exempt from stamp duty is 48.6 per cent of the total housing stock, 23.9 per cent more than usual.
"Home owners need to know that we will do everything we can to keep the housing market moving," Gordon Brown told BBC News.
To see if your home will benefit from this change, visit Mouseprice.com.
