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Halifax extends stamp duty help for house buyers

Halifax extends stamp duty help for house buyers

Category: Mortgages

Updated: 02/05/2012
First Published: 02/05/2012

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 It is now over 6 months old so the content may be out of date.

Halifax has announced that it has extended its scheme to help out first time buyers and other homebuyers with their stamp duty.

Until 24 March, buyers had seen the 1% tax on homes worth between £125,000 and £250,000 scrapped as part of the effort to get the property market moving.

Recent figures suggest the initiative was a success, as the number of first time buyers increased as the end of the scheme approached.

Recent research found that nearly half of all homemovers (49%) paid between £125,000 and £250,000 for a home in the first quarter of 2012.

But Halifax has said it will continue to lend a hand to both first time buyers and other movers by paying half of the stamp duty bill on homes worth up to £250,000.

The initiative will see house buyers saving up to £1,250 on the cost of their first home.

"Many initiatives have been launched over the last 12 months that are solely aimed at first time buyers, but more needs to be done to help movers across all rungs of the ladder, which is crucial in the creation of a vibrant housing market," said Stephen Noakes, mortgage director at Halifax.

"We have seen over the last two years that support provided to buyers has a positive impact, with the stamp duty exemption helping over 40% of first time buyers."

"We're keen to assist homemovers to purchase their next home, and support with their stamp duty bill does just that."

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