First time property buyers will no longer be exempt from stamp duty from March 2012.
The statement announced saying that the scheme was ineffective. The temporary exemption meant that first time buyer didn’t have to pay stamp duty for properties up to £250,000. From March next year first time buyer will now have to pay stamp duty which will by 1% of the property price of a property that cost between 125,000 and £250,000.
How will this affect the property Market?
Well as we know first time buyer have been struggling to get a deposit together. But there are new schemes coming in from the government to help these buyers. If the schemes come in helping first time buyers they will be more effective than the exemption from stamp duty!
