Stamp duty axed for properties below £175,000 - great for investors!

Property buyers now do not have to pay stamp duty on properties costing £175,000 or less, this applies for the next 12 months until Dec 2009.

For example, someone buying a property for £175,000 will save £1,750 under the updated scheme. The current £125,000 threshold has been raised as part of a package of measures aimed to boost UK's property market.

Other housing moves announced by the government include:

• "Free" five year loans of up to 30% of a property's value for first time buyers of new homes in England
• Extension of powers for councils and housing associations to be able to pay off debt for homeowners who can no longer afford mortgage payments and then charge rent.
• Shortening from 39 weeks to 13 weeks the period before Income Support for Mortgage Interest is paid

Bringing forward spending from future years to encourage more social housing to be built

According to the government, the finance for these measures, which unlike the stamp duty move will only apply in England, has been previously allocated and brought forward.

Share |