Time is running out to take advantage of the ‘Stamp Duty holiday’ which is due to come to an end on December 31, says Simon Arnes, divisional managing director of William H Brown in Norfolk.
Since the Government raised the lowest Stamp Duty threshold from £125,000 to £175,000 in September last year, more than 112,000 homebuyers have benefited from not having to pay the tax. In addition, they have also been able to take advantage of the temporary reduction in VAT from 17.5% to 15% when buying items to furnish their new home. This will end in January 2010 when VAT returns to its previous level. Anyone who is thinking of buying a property priced at £175,000 or less has a limited window of opportunity to save up to £1,750 on Stamp Duty costs.
Similarly anyone who has been contemplating moving and whose home is currently likely to be worth between £125,000 and £175,000 should get it onto the market without delay to take advantage of the expected surge in demand from buyers wanting to beat the deadline.
For further information you can contact the William H Brown Norwich residential team on 01603 760044.