The government have announced today that it will not be extending the stamp duty holiday that it put in place in 2010 and extending until 24th March 2012.
This means that property buyers will be faced with an additional cost of up to £250,000 if they complete their purchase after the 24th March 2012. After this date entry level stamp duty will return, meaning 1% tax on a purchase between £125,000 and £250,000.
Those thinking of buying on investing in property in 2012 may consider bring their plans forward to beat the tax deadline date, but beware if you don’t find in early January you are unlikely to see the deal complete before the deadline as sales are reportedly taking an average now of 92 days.
Paula Cunningham – Director
Living Property Waveney Lettings & Management