Stamp duty holiday comforts 31% of homebuyers
With the stamp duty holiday for purchasers of properties worth up to £175,000 coming to an end in December, Halifax has calculated that 31% of homebuyers in England and Wales have benefited from the concession.
In September of last year 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, has meant that up to 112,000 people, or 31% of buyers, were exempt from paying the tax in the 10 months to the end of June.
In addition, a further 32% of house purchasers bought below the £125,000 threshold during the period.
In the case of first-time buyers, 83% avoided the duty overall.
However, only 366,000 transactions were completed in England and Wales between September and end-June, or 50% less than during the same period of 2007/08.
Halifax housing economist, Martin Ellis, describes the threshold uplift as “a boost to many people in a very difficult economic climate”.
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