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Stamp duty holiday on property up to £175,000
Stamp duty is to be waived for a year on properties costing up to £175,000 as part of a package of measures unveiled this morning to help the stagnant housing market.
The level at which the 1% stamp duty tax has to be paid is to be increased from £125,000, effective from Wednesday morning.
The move - which applies to residential property only- would save someone buying a £174,000 property the sum of £1,740.
Additional measures aimed at boosting the market include "free" loans of up to 30% for first time buyers in England.
Households earning less than £60,000 per annum are to be offered loans free of charges for a five year period on new properties, which is to be co-funded by the state and the developers.
