Stamp Duty on house purchases increased from £125,000 to £175,000 for one year only
The Chancellor Alistair Darling this morning announced that he had temporarily raised Stamp Duty on house purchases from £125,000 to £175,000 for one year only. This Government believes that this will stimulate the housing market and encourage the First-Time-Buyers into buying their first home.
The last time the conservatives were in power they temporarily raised Stamp Duty on house purchases to £250,000. Taking inflation into account this announcement is but a drop in the ocean or a token gesture by the present government to find a fix to the beleaguered Housing and Mortgage problems.
Have I been asleep or did the Credit Crunch not happen?
First time buyers now need to find between 10% and 20% deposit to buy their first homes unlike 12 months ago when they could have purchased their new home without a deposit. First time buyers could then have found a 95% to 125% mortgage and there were thousands of different mortgage products to choose from compared with today’s market place.
This latest move by the Chancellor Alistair Darling, will I am sure fuel the property market, it is likely to encourage those who are struggling with their mortgage payments to sell their homes to the buy to let landlords, who will take advantage of the stamp duty savings during the forth coming year. So who are the real winners and losers?
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