Return of Stamp Duty heralds ‘first-time buyer stampede’

Housebuilder, Bellway Homes is warning first time buyers that they only have a limited period to avoid paying Stamp Duty on a new home.

There is no Stamp Duty to pay on properties below £125,000 but for properties in excess of £125,000 Stamp Duty is levied at 1 per cent. In March 2010 the Government announced a relaxation of Stamp Duty for first time buyers purchasing properties up to £250,000, however, this relaxation ends this year on March 24th meaning that anyone purchasing a home valued at up to £250,000 after that date must pay 1 per cent stamp Duty or £2,500.

“The relaxation of the Stamp Duty on property has helped reduce the cost of a new home for thousands of first time buyers and there is still time to take advantage of the duty free period,” said Bellway’s Sales Director Ben Smith.

Currently, Bellway has a range of homes that would qualify for the Stamp Duty holiday throughout Leicestershire. Nottinghamshire Lincolnshire.

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