First-time buyers to get stamp duty holiday

A two year holiday period from Stamp Duty Land Tax has been introduced for first-time property buyers, in an attempt to boost the flagging housing market.

The benefit was introduced in the Budget on 25 March and will be effective until 25 March 2012, providing relief for properties costing between £125,000 and £250,000.

The current rate of Stamp Duty Land Tax for properties between £125,000 and £250,000 is 1 per cent, so this represents a cash saving of up to £2,500, at a time when every little helps.

The relief is only available where you will be living in the property as your main residence and it is genuinely your first home.

It is important to note that there are strict conditions regarding the relief, for example if you wish to purchase a property jointly with a partner who is not a ‘first-time’ buyer, then you would not be eligible.  Therefore we advise you to speak to us first to confirm whether you will benefit.