A P Robinson Welcome Abolition of Stamp Duty on Homes Worth up to £175,000
Press Release: Business Telegraph
2nd September 2008
In an attempt to help the housing market recover, Chancellor Alister Darling announced today that stamp duty land tax will not apply to purchases of residential property of £175,000 or less for the next 12 months.
Currently properties purchased below £125,000 are exempt from this tax, but from 3rd September the level at which the 1% purchase tax has to be paid is to be increased to £175,000.
This £600m new scheme – which applies to residential property – will save property buyers purchasing a £150,000 house, £1,500.
A P Robinson & Co's Mortgage and Financial Service s advisor Jeff Spurdle said: "With all the recent doom and gloom reported about the state of the mortgage market over recent weeks it is good today to be able to advise a number of positive steps being taken to kick-start this sector of the economy."
"Measures aimed at boosting the housing market include free loans of up to 30% for first time buyers in England, purchasing new properties. Under this scheme, called Homebuy Direct, households earning less than £60000 could be offered loans free of charge for 5 years. At the end of this period it is likely that homebuyers will be asked to pay a fee. Further details of this scheme are expected in upcoming weeks."
"At A P Robinson, we have seen competition between Lenders re-surfacing with many looking to retain their market share. A consequence of this is that a number of rates have been reduced. This will benefit those purchasing properties or re-mortgaging their homes and looking for a new deal."
Managing Director Andrew Robinson comments; "We welcome the Government's stamp duty move, as it will undoubtedly help the housing market. Further commendable schemes that the Government are initiating include a mortgage rescue scheme which will allow those facing repossession to sell their home to a social landlord, who will clear the mortgage and then rent it back to them at an affordable rate. This will help to alleviate those in our community who are having housing difficulties at present."
"As a provider of mortgages, we are excited about the changes to the market and are able to provide a whole of market mortgage advisory service through our in house Mortgage and Financial Services Department."
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