Brown announces stamp duty holiday in housing rescue package
Wednesday 3rd September 2008 - Full story
The £600 million measure will take more buyers at the bottom end of the housing market – likely to be first-time purchasers – out of the stamp duty bracket altogether, saving them up to £1,750.
The average UK property cost £164,000 this month, and at present homebuyers paying between £125,000 and £250,000 for a home have to pay 1 per cent of the price to the Government in tax.
Around half a million buyers are expected to benefit from the raised £175,000 threshold, which comes into effect tomorrow. It will not however benefit buyers of properties worth more than £250,000, who will continue to have to pay 3 per cent in stamp duty. Homes above £500,000 attract 4 per cent tax.
By Jenny Booth
Published September 2, 2008 by Times On Line
