First Time Buyers who are thinking of purchasing a property valued between £125,000.00 and £250,000.00 should act now if they wish to save on the Governments current Stamp Duty exemption.
The Government have announced that the current exemption which means that first time buyers are free from the 1% Stamp Duty Tax on homes costing below £250,000.00 will finish on 24th March 2012.
There are concerns that with the current exemption ending the housing market will be further affected, especially for those who are struggling to get a foot on the property ladder.
The government has however announced a further housing strategy, which included a mortgage guarantee scheme to encourage lenders to offer 95% mortgages to buyers of new homes. Hopefully this will encourage the current fragile housing market.
If you are thinking of purchasing a property then time is of the essence and it is important to act now. Our dedicated and reliable Conveyancing Department are on hand to provide a no obligation, free quote either online or by telephone, so contact us today.