Alistair Darling launched the break in stamp duty before the last General Election meaning first time buyers no longer have to pay one per cent tax when purchasing properties priced between £125,000 and £250,000.  However the stamp duty holiday is due to end on 24th March 2012 meaning the tax will be payable again from 25th March 2012. 

David Phillip, Director of Dacre, Son & Hartley says: “The Government has not yet decided to extend the stamp duty holiday and is now looking at other initiatives for the housing market that include reviving the right-to-buy scheme, underwriting mortgages for families and creating a £400m fund for house builders to build 16,000 new homes.

“However, whilst the stamp duty holiday might not have resulted in a full scale housing boom, it has definitely led to an increase in sales across North and West Yorkshire because it helped to alleviate some of the financial burden placed on first-time buyers by giving them an immediate saving of between £1250 and £2500.  Generally speaking anything that brings first time buyers into the market is good news because it gives housing chains momentum.”

David adds: “Since the start of the year we’ve seen a surge of buyers entering the market to take advantage of the saving and as a result we’re working with a number of first time buyers that are looking to complete before the deadline. 

“We also have new buyers that are still registering with us but time is running out so anyone wanting to complete by 24th March must act now.  Buying through an agent that can offer a full range of services under one roof, including mortgage advice and surveying, will also help to speed up the process.”

Finally David says: “Although an extension of the stamp duty holiday would have been welcomed by the marketplace, house prices are at their most affordable levels for almost a decade so now is as good a time as any for the relief to come to an end.”    

For further information on Dacre, Son & Hartley visit www.dacres.co.uk