Stamp duty holiday for first-time buyers ends soon

by Aaron Strutt

Nov 11 2011

First-time buyers are running out of time to take advantage of the stamp-duty holiday and potential savings of up to £2,500.

The tax concession for buyers purchasing a home valued below £250,000 will run out on March 25, 2012.

The stamp-duty holiday for first-timers was introduced during last year's budget and gave borrowers a reprieve from the 1% tax on property purchases between £125,000 and £250,000.

The Council of Mortgage Lenders has urged anyone thinking of selling their property to put it on the market now. They say that if the pattern set by previous government stamp-duty tax concessions coming to an end is repeated, there could be a peak in sales before the end of March.

Aaron Strutt, a broker at Trinity Financial, says: “We can arrange mortgage finance very quickly, but if you are looking to get on the property ladder for the first-time, it does make sense to take advantage of the tax break.

“First-time buyer mortgages are now more readily available and during the last few weeks both Woolwich and Nationwide Building Society have increased the availability of their rates. The lenders require at least a 10% deposit.”

11 November 2011