Stamp Duty Removed Below £175,000
There has been much speculation over the past few weeks as to whether the government would axe stamp duty on property purchase to help kick-start the housing market. Well, it finalyl announced its decision today, axing stamp duty for one year for properties under £175,000.From Wednesday morning, the level at which stamp duty is paid will be increased from £125,000 to £175,000. The saving on a home costing £175,000 will be £1,750. The government says that 50% of all property sales will now be exempt from stamp duty.
The government has also announced 'free' loans for first-time buyers, many of whom are struggling to raise enough money to pay the increased deposit required by the mortgage lenders. Households earning less than £60,000 will be offered loans free of charge for the first five years on new properties. This 'HomeBuy Direct' scheme will be co-funded by the state and house builders.
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