Last Chance to Take Advantage of Stamp Duty Holiday (Property News UK)
Current Rating: 4/5 (1 votes)
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| Posted : Nov, 29, 2009 | Author [hbfinvestments]
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The stamp duty holiday applies to property valued at under A^?175,000 and means that buyers don't have to pay any stamp duty on their purchases. This can make a significant difference and save a good chunk of money.
The stamp duty holiday was came into effect on 3rd September 2008, originally running until April 2009, but it was subsequently extended until 31st December 2009. No further extensions have been announced, so it looks likely that it will finally come to a halt at the end of the year.
Assuming it does all end, from 1st Jan 2010, buyers will again be faced with paying 1% fees for stamp duty on all properties with a value of over A^?125,000.
If you want to invest in property costing under A^?175,000 and take advantage of the reduced stamp duty fees, then time is running out. The stamp duty holiday applies to property valued at under A^?175,000 and means that buyers don't have to pay any stamp duty on their purchases. This can make a significant difference and save a good chunk of money. According to organisations such as the Home Builders Federation, the Building Societies Association and the National Association of Estate Agents, the stamp duty holiday has had a significant effect on the number of property sales this year, which has helped stop the market from becoming too stagnated. They're concerned that reinstating it could have further detrimental effects and are calling on Chancellor Alistair Darling to extend the scheme until the end of 2010. For property investors choosing to buy distressed property, they may not be affected by the change, as many properties are available at a greatly reduced price and fall into A^?125,000 or under price bracket anyway.
But if you're an investor who likes to have a range of different properties in your portfolio, perhaps by balancing out rental flats or smaller properties with larger homes, and are likely to buy in the higher price range, then you need to get cracking with your purchases now!
The article has been viewed 347 times |
James Pybus
james@hbfinvestmentproperties.co.uk
www.hbfinvestmentproperties.co.uk
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