The temporary exemption which meant that first-time buyers were free from the 1% stamp duty on homes costing under£250,000 is due to end on 24th March 2012.
The reason given by the Government for the removal of the exemption which was first granted in March 2010, is that is has been ineffective in increasing the number of first time buyers entering the market.
The Government is now considering other measures for providing assistance to first time buyers, including measures such as a mortgage guarantee scheme to encourage lenders to offer 95% mortgages to buyers of new homes as a way of encouraging more first time buyers onto the market.
For further information and advice relating to Stamp Duty Land Tax please contact our Property Team.
