Buyers urged to act as stamp duty holiday comes to an end

Potential homebuyers are being urged to act now or face an unexpected bill when the Government’s stamp duty holiday ends. The warning has come from new homes builder Stamford Homes 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.

Many new homes around the Stamford Homes region currently fall below the £175,000 price tag, and new customers are being urged to act fast if they are to benefit from the Stamp Duty exemption.

Stamp duty will be charged at one per cent of the property’s price on homes between £125,000 and £250,000 from January 1st 2010. This will mean for example that someone buying a £175,000 house after December 31 will face a £1,750 bill.

Stamford Homes regional sales and marketing director Peter Bond said: “The market has now begun to stabilise, with sales across all our operating areas thriving and a high number of reservations for Spring 2010 completions.

“However many of our customers have already reaped the benefits of the stamp duty holiday, which has brought some much needed relief for the property market and first time buyers in particular.”

“We know 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. We have many new homes across our developments that fall below the Stamp Duty threshold.”

For more details of where and what Stamford Homes is building, visit stamford-homes.co.uk.