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Stamp Duty Tax Change

Chancellor Alistair Darling has scrapped stamp duty on properties under £250,000 for first-time buyers in his final Budget before the General Election.  Mr Darling said the change, which will apply this year and next year, meant nine out of 10 first-time buyers would not pay the duty.  He will raise the money for this by hitting higher-earners - stamp duty on properties worth over £1m will increase to 5%.

Commenting on the changes Keith Lucas said 'The change for First time Buyers, although welcome, will not have much effect in the Kettering area.  There are a few first timers who can afford perhaps up to £150,000 but they are few and far between.  The assertion that 9 out of 10 buyers will now not pay stamp duty must relate to the London area and I would bet that a fair proportion of the so called 9 out of 10 buyers referred to were already not paying stamp duty as they couldn't afford to buy at over £125,000 anyway!  As for the increase to 5% on properties over one million pounds this will have little impact in this area since as a proportion of overal sales properties of this value are a very small proportion.  It really is just window dressing for the election and should fool no one!'

 

 

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