End to stamp duty holiday confirmed

The end of the stamp duty holiday has been confirmed by chancellor of the exchequer Alistair Darling.

In his Pre-Budget Report, Mr Darling referred to the matter briefly by stating: “By the time the stamp duty holiday finishes at the end of this month, I expect 240,000 homebuyers to have been helped.”

This news means that the one per cent tax rate will kick in at £125,000 from the new year, having been set at £175,000 since September 2008.

Abbey responded to the news by claiming that this was bad news for those seeking to buy a house, with head of mortgages Nici Audhlam-Gardiner adding that what is now needed is reform of the system.

Noting that the whole one per cent tax can be added for a price that exceeds a threshold by “just a few pounds,” she argued an incremental system should be put in place instead.

This would particularly help “struggling first-time buyers” and those in the south, she remarked, where more expensive homes mean a greater number of buyers will face higher bands of the levy.

Leave a Reply

Your email address will not be published. Required fields are marked *