6 Apr

New tax rules 'may benefit property seekers'

New tax rules 'may benefit property seekers'

Individuals looking to go through the conveyancing process to secure a new home may benefit from the tax changes recently unveiled by the government.

Commenting on chancellor Alistair Darling's decision to raise the level at which stamp duty kicks in for first-time buyers to £250,000, moneysupermarket.com's Hannah Mercedes-Skenfield said it may enable people to get on to the property ladder sooner.

She remarked: "Even a one per cent saving can make a significant difference to someone looking to buy their own home."

The expert went on to state that the alterations could allow consumers to put down a deposit more quickly or to increase the value of their lump sums, meaning they would be left in less debt.

Following the announcement of the stamp duty changes, the Labour Party received a mixed response, with some people suggesting it should apply to all property buyers, not just those looking for their first home.
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