Stamp duty suspended for properties under £175k

Grovelawn Financial News 02/09/2008

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Series of measures from the Government to aid buyers

The Government has bowed to pressure and is implimenting a series of measures to help kick start the housing industry. Until this week only properties priced below £125k were exempt from attracting stamp duty at 1 per cent of the total purchase price.

House prices have continued to fall and are currently falling at a faster rate than that of the last economic slowdown in the early 1990's. The estimations is that half of all property transactions will no longer require stamp duty paid.

Households who have an income of less than £60k will also be eligible for "free" loans o fup to 30 per cent off for first time buyers. The "free" period will be on offer for five years to those buying new properties and will be jointly funded by developers and the state, it is thought there will be a fee to pay once the five year "free" period has expired. The scheme is to be called "HomeBuy Direct and is hoped will support buyers and the housing industry. Homeowners who are currently struggling to pay their mortgage may be able to sell their homes and rent them back. The Department for Communities and Local Government said it will look at "bringing forward funding for social housing from existing budgets, delivering more social homes sooner.

← Buy to Let Rates Come down Even Further | News For September 2008 | US Government rescues ailing lenders →

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