The Government’s incentive to first time buyers giving an increased Stamp Duty Land Tax threshold from £125,000 to £250,000 will end on 24th March 2012.
The temporary exemption meant that first time buyers were free from the 1% stamp duty payable on homes costing under £250,000.
The Government is publishing analysis showing that the strategy which was put in place in March 2010 was ineffective in increasing the number of first time buyers entering the market.
The Government believes that prioritising a more effective housing strategy, to include a mortgage guarantee scheme to encourage lenders to offer 95% mortgages to buyers of new homes, will be more effective in encouraging more first time buyers onto the market.
For further information and advice relating to Stamp Duty Land Tax please contact Sarah Harris at our Petworth Office.
