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Stamp duty holiday extension welcomed

Stamp duty holiday extension welcomed

Category: Mortgages

Updated: 22/04/2009
First Published: 22/04/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The Chancellor had good news for homeowners looking to move before the end of the year after confirming the extension of the stamp duty holiday until the end of 2009 in today's Budget.

The news means that anyone buying a property up to the value of £175,000 before the 31 December 2009 will not be required to pay stamp duty.

A temporary rise in the lower stamp duty threshold from £125,000 to £175,000 was announced in September last year and was set to run for a period of 12 months.

However, with the housing market still far from in rude health and first time buyers continuing to struggle to get on the housing ladder, Alistair Darling has agreed to extend the deadline for another three months.

"The announcement that the £175,000 stamp duty threshold is to remain in place until the end of the year will be welcome for those at the less expensive end of the housing market, but the level of the threshold will still predominantly benefit those in the North," said Fionnuala Earley, chief economist at Nationwide Building Society.

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