Time running out for first time buyers in Stamp Duty exemption race

With just two months to go before the axe falls on Stamp Duty exemption for first time buyers, Harrison Murray is urging buyers and sellers to act now to avoid missing out on savings.

The independent estate agents and valuers are warning that time is running out for first time buyers - who are looking to reap the benefits of the Stamp Duty exemption - to snap up a suitable property.

And sellers should also act now to meet the new year rush of first time buyers looking to move.

At the moment, first time buyers who purchase a property of up to £250,000 are not required to pay Stamp Duty – which is normally set at between one and three per cent of the price of the home.

In his autumn 2011 statement however, the Chancellor George Osborne announced there would be no extension to the break on paying Stamp Duty, which will end on 24 March this year.

Harrison Murray managing director Nick Salmon said: “We would urge first time buyers to act promptly if they want to benefit from the current Stamp Duty exemption before the axe falls in March.

“Likewise, sellers putting their ‘first time buyer suitable’ properties on the market will also need move quickly to find a buyer who can take advantage of any Stamp Duty savings.

Harrison Murray are members of the National Association of Estate Agents (NAEA) and the Property Ombudsman scheme, with branches in Bedfordshire, Cambridgeshire, Leicestershire, Northamptonshire and the Home Counties.