22 Sep

Increase in stamp duty threshold 'boosts homebuyers'

Increase in stamp duty threshold 'boosts homebuyers'

The increase in the residential stamp duty threshold has been a boost to many people in a very difficult economic climate, according to one property expert.

Martin Ellis, group housing economist at Halifax, said that the temporary raising of the lowest stamp duty tax threshold has removed a significant number of homebuyers from the tax net.

His comments accompany the publication of research by the firm, which showed that up to 112,000 homebuyers in England and Wales - 31 per cent of all buyers - have been exempt from paying the tax over the ten months between September 2008 and June 2009.

"The impact has added to the far more significant effect of the reduction in house prices in helping to reduce the costs of buying a home over the past year," stated Mr Ellis.

In related news, the company recently launched a 2.99 per cent two-year fixed-rate mortgage.

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