As stamp duty holiday expires, is now the time to buy?

Potential buyers are being urged to act now or face a huge bill when the Government’s stamp duty holiday ends.

The warning has come from independent estate agents and valuers Harrison Murray, as exemption on paying stamp duty on a property costing £175,000 or less comes to a halt on December 31 this year.

Last September, the Government announced axing stamp duty on properties costing between the previous level of £125,000 and £175,000 for one year – later extending the exemption until the end of 2009.

However, as it takes approximately three months to buy a home from start to finish, people wanting to take advantage of the higher threshold need to act fast.

Harrison Murray development director Jackie Scotten said: “Stamp duty is charged at one per cent of the property’s price on homes between £125,000 and £250,000. This will mean for example that someone buying a £175,000 house after December 31 will face a £1,750 bill.

“Buyer demand has increased over the last few months as house prices have begun to stabilise. We have already seen thousands of buyers benefitting from the stamp duty holiday, which has brought some much needed relief for the property market and first time buyers in particular.”

Jackie added: “Harrison Murray recognises that potential buyers will want to take advantage of the stamp duty holiday, but urge them to act now to avoid a large bill come January.”

Visit harrisonmurray.co.uk to find out more.