Stamp duty boost means 65% of homes are now exempt

Increasing the threshold to £250,000 now means that two thirds (65%) of all properties currently on the market across the UK are exempt from stamp duty tax for first time buyers, according to FindaProperty.com.

Currently, 43% of all properties for sale cost between £125,000 and £250,000, and it is people buying at this range who will make the saving, with the total saved in stamp duty from these sales being a whopping £320,625,000.

Across the UK, all regions bar London and the South East have average house prices of under £250,000.

Nigel Lewis, Property Expert at FindaProperty.com, comments:

“We applaud this much sought after change to the stamp duty threshold which will not only benefit first time buyers but because the property market is cyclical will also benefit those at other stages of the property ladder in many regions. This is a significant move which will aid the ongoing property market recovery into 2010 and beyond and make a significant difference to the affordability of first time buyers.”