Buy Abroad News

30 Mar 10

UK property market given boost with higher stamp duty threshold

The 2010 Budget from Chancellor Alistair Darling has been welcomed by the UK property industry, as stamp duty tax will be abolished on house purchases of up to £250,000 for first time buyers.

The news was also welcomed by the National Association of Estate Agents and the Association of Residential Letting Agents, who have been calling for a change in the stamp duty system. In 2008 the government increased the stamp duty threshold to £175,000, which ended in December 2009, causing a rise in property sales. It is understood that the new stamp duty system will cost approximately £1bn, but the government hopes the new move will encourage the property market in the UK.