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Thursday 31st of December 2009
September 3, 2009    

Stamp duty suspension: the end is nigh

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by Gill Montia

Homebuyers are being reminded that time is slipping away for the stamp duty holiday on properties worth up to £175,000.

The levy was suspended in September of last year when the Government raised the threshold at which 1% stamp duty is paid from £125,000 to £175,000, creating an opportunity for homebuyers to save up to £1,750.

The concession, which failed to kick-start the market as intended, is due to be withdrawn at the end of this year and L&C Mortgages points out that it will only apply to house purchases that are completed before the deadline.

The firm is therefore urging buyers to move fast if they want to benefit from the savings to be made.

Potential first-time buyers should be particularly aware of the time constraint, as they already need to scrape together a deposit of at least 15% to secure a mortgage, according to L&C.

The firm’s head of communications, David Hollingworth, says: “As house purchases can take months to complete it’s make your mind up time for those considering buying a property.”

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