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Changes in Housing Market in 2012

With the memories of Christmas and New Year Eve’s 2011 fast fading and with the start of the 2012, it is the best time to look to what will be changing or indeed returning in 2012.

With the recession and its effect on the property market, the respite from Stamp Duty exemption for 1st Time Buyers on properties up to £250,000 was a welcome relief. This however will all change very soon with the Government deciding that this exemption was ineffective.

Chanceller George Osborne’s Autumn Statement last year confirmed that the current stamp duty holiday will end on the 24th March 2012. Presently, all first time buyers (Those who have never owned a property) are exempt from paying stamp duty on properties up to a value of £250,000.

Currently with the Stamp Duty exemption threashold at £125,001.00 to £250,000 meant that 1st time buyers are not paying the 1% of Stamp duty. From the 25th March 2012, 1st Time Buyers will have to pay stamp duty on any purchase over £125,000.00. The chart below shows the changes that will occur after the 24th March 2012.

By Sobia Illahi