A housing market lifesaver has been thrown out to a sea of first-time buyers after Chancellor Alistair Darling abolished stamp duty on all property sales of £250,000 and under. From April 6th, all those eager to get a foot on the bottom rung of the housing ladder now have a better chance of doing so.
Despite the positive news, housing market experts say that although welcomed, the decision will only provide small stimulus as wannabe homeowners will still have to find 20% 0f the property value for a deposit. There’s a rush for a quick house sale at the other end of the market to get sales of properties over £1 million through before 6th April, after which those buyers must pay 5%.
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