26 Mar

Stamp duty announcement 'may boost housing market in 2010'

Stamp duty announcement 'may boost housing market in 2010'

This year may see a rush on the purchasing of high-end property in London and the rest of the UK as a result of an announcement made during the recent Budget, it has been suggested.

Chancellor Alistair Darling revealed that homes worth more than £1 million are to see an increase in stamp duty from four per cent to five per cent.

However, the change will not come into effect until next year and one expert has said this delay may result in a surge in demand for expensive homes.

David Hollingworth of London & Country Mortgages said: "This is likely to provide stimulus to the top end of the market, especially as the year progresses and the introduction of the higher rate draws nearer."

He also noted that the government's decision to remove stamp duty for residences worth under £250,000 - which has already come into effect - will bolster housing transactions.

It will aid those seeking to get on to the property ladder who are struggling to raise enough cash for deposits and costs, he added.

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