Stamp Duty Changes
The government has announced that with effect from 3rd September 2008 stamp duty on house purchases below £175,000 has been axed for a one year period as part of a package of various measures to help the housing market.
Therefore if the purchase price is less than £175000.00 then no stamp duty tax will be payable. This applies to both purchases of houses and flats.
The other measures introduced include:-
- Offering 10,000 first time buyers frozen out of the mortgage market the chance to get onto the property ladder through a new £300m shared equity scheme. Buyers, whose household income is under £60,000, can apply for an equity loan of up to 30% of the value of the house. This will be funded partly by the government and the developer. There will be no costs involved over the five year period.
- Supporting homeowners facing repossession to remain in their home through a £200m mortgage rescue scheme. Local authorities will assess applications for support and can offer homeowners a shared ownership scheme where a registered social landlord buys a share in the property or provide an equity loan or offers a sale and rent back scheme at a level the home owner can afford.
- More funding to provide more social housing. If you have any queries about any of these issues then please contact our Residential Conveyancing Department.
Published on 04/09/2008
