Last year saw the government launch a stamp duty holiday for buyers that were purchasing property up to the value of £175,000. Previously the only properties that were exempt from stamp duty were those that were up to the value of £125,000.
However, it was hoped that by increasing this threshold by an extra £50,000 more buyers would be tempted to look at purchasing a home, and this would help to revive the property market, which was suffering badly at the time.
However, the stamp duty holiday was only ever a temporary measure, and come to an end at the end of 2009. This means that the threshold for stamp duty exemption will fall back down to its original level of £125,000.
This could put many first time buyers off from jumping onto the property ladder unless they can find a property that falls within the stamp duty exemption level, and a number of industry groups have criticised the government’s decision to bring the stamp duty holiday to an end.
However, it has emerged that home buyers in Bloxham are going to get lucky because they will still be able to enjoy the benefits of the stamp duty holiday courtesy of a house builder.
Taylor Wimpey has announced that it will continue to cover the cost of the stamp duty for purchasers that decide to buy selected properties. The developer hopes that this will help to further boost the property market and renew interest in new build properties.
A spokesperson for the group, Anne Wallace, stated: “The stamp duty holiday was largely seen as a step in the right direction and provided much needed support for many first time buyers particularly in the Midlands where a number of properties are under £175,000. Our scheme will continue to support these purchasers as well as those buying larger houses where the cost of stamp duty is even greater.”
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