Cash savings up for grabs thanks to stamp duty holiday extension
4:52pm Tuesday 19th May 2009
Property hunters should make the most of a golden opportunity to make cash savings according to local estate agency Darlows after plans to extend the stamp duty holiday were revealed in the recent budget announcement.
Buyers in the Newport area are now able to purchase properties up to the value of £175,000 without having to pay stamp duty. The deal, which has been extended from September 2009 until December 2009, will save buyers up to £1,750.
Gareth Brackin, Senior Branch Manager said: “The extension of the stamp duty holiday will provide an extra incentive to buyers and will give a major boost to the property industry. There is no guarantee that the holiday will be extended after this period, so our advice is, if you are in a position to buy, don’t wait. If you purchase before Christmas, you will definitely snap up a bargain.”
The current system states that buyers must pay 1% of the property price in tax on homes worth £175,000-£250,000, with a 3% tax starting at £250,000 and a 4% tax on properties over £500,000.
Paul Smith, Chief Executive of Darlows added: “It is now cheaper to buy than rent in many cases and house-hunters should consider all their options, particularly with the extension of the stamp duty holiday. With prices now affordable for many, those with a mortgage offer or who have cash-ready funds should take advantage of the scheme.”
For further information on purchasing options, please contact our branch on 01633 222255.