In a bid to help the housing market the government has axed stamp duty on any property costing less than £175,000 for 1 year. The amount that the 1% purchase tax has to be paid is being increased from £125,000 from Wednesday morning.
Someone buying a house for £175,000 will save £1750 which helps ease the financial woes of buying a residential property at this time. The government estimate that over 50% of house buyers will now be exempt from this duty and is there way of trying to support the housing market.
The move by the government has been supported from some of the biggest lenders. With house prices falling at the fastest rate since 1996 it is important that the government have put in measures to help those people that are planning to move at such a financially uncertain time.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment