IF you are looking to buy a new home, act now or face an unexpected New Year bill when the Government’s stamp duty holiday ends.
The timely warning is being reinforced by new homes builder Stamford Homes as exemption on paying stamp duty on a property costing £175,000 or less comes to a halt on December 31 this year.
Last September, the Government announced axing stamp duty on properties costing between the previous level of £125,000 and £175,000 for one year – later extending the exemption until the end of 2009.
Many new homes around the Stamford Homes region currently fall below the £175,000 price tag, and new customers are being urged to act fast if they are to benefit from the Stamp Duty exemption.
Stamp duty will be charged at one per cent of the property’s price on homes between £125,000 and £250,000 from January 1 2010. This will mean for example that someone buying a £175,000 house after December 31 will face a £1,750 bill.
Stamford Homes regional sales and marketing director Peter Bond said: “This is a timely reminder to home-hunters who are thinking about moving, but are still waiting to make a decision.
“Perhaps the fact that they could be faces with a stamp duty bill come the start of 2010 is enough to prompt them in acting fast is they are serious about buying a new home – and saving money.
“Many of our customers have already reaped the benefits of the stamp duty holiday, which has brought some much needed relief for the property market and first time buyers in particular. We have many new homes across our developments that fall below the Stamp Duty threshold.”
For more details of where and what Stamford Homes is building, visit www.stamford-homes.co.uk
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