Buyers urged to invest in UK property during stamp duty holiday
Buyers wanting to take advantage of the stamp duty holiday on UK property need to move quickly.
Since September the government has relaxed stamp duty for properties costing between £125,000 and £175,000. Rates will return to normal from December 31st 2009.
Richard Morea, from mortgage brokers London & Country, told The Guardian newspaper: "While the average chain takes six to 12 weeks to complete, first-time buyers are in a strong position to get in before the deadline, as many will be buying new properties and developers will be keen as mustard to get sale proceeds on their books before the end of the calendar year."
Figures from the Council of Mortgage lenders show that in September 32 per cent of mortgages for first time buyers fell into the price bracket.
For a house costing between £175,000 and £200,000 1% will have to be paid in stamp duty from the beginning of next year. This suggests that investors could save a significant amount of money by buying now.
Many areas of the UK including Scotland, Wales, the Midlands and the north have average house prices below the stamp duty holiday threshold.
Visit our off-plan property UK page
< Back to latest news