14/02/2012 - First Time Buyer Stamp Duty Holiday Extension Call
First Time Buyer Stamp Duty Holiday Extension Call.
Housing experts are calling on the government to extend its stamp duty concession for first time buyers (FTBs).
The concession is due to end in March, after which, buyers will be asked to pay tax starting at 1% on properties purchased for £125,000 or more. The tax rate for properties worth over £250,000 will be unchanged at 3% and for those worth between £500,000 and £1m it will be 4%.
According to Bernard Clarke at the Council of Mortgage Lenders, FTB purchases have slumped by almost two thirds in the last decade, so the the cost of extending the concession would be relatively small.
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