Budget 2010 - Stamp Duty

As expected, today’s budget didn’t cause to many waves as it’s likely to be quickly followed by a general election, but following a number of earlier rumours there was some good news for the housing market.

From midnight tonight, first time buyers will not pay stamp duty on purchases up to £250,000, saving them up to £2,500. Other buyers will continue to pay 1% on purchases between £125,001 - £250,000.

Like the previous stamp duty holiday the move is temporary but will run until the 24th March 2012.

The announcement should be good news for the market overall, as many property chains start with a first time buyer who are now likely to be more active with this added saving.

The Chancellor will be keeping a tight grip on any giveaway, as the definition of a first time buyer will be true to the words themselves. Buyers who have owned abroad, or in the UK in the past will not qualify for the incentive, and where the purchase is in joint names, both buyers must meet the criteria.

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