With Chancellor George Osborne announcing no extension to the Stamp Duty holiday, estate agents Harrison Murray are urging buyers and sellers to act now to avoid missing out on savings.
In his autumn statement, the Chancellor announced there would be no extension to the break on paying Stamp Duty, which will end on 24 March 2012.
At the moment, first time buyers who purchase a property of up to £250,000 are not required to pay Stamp Duty – which is normally set at between one and three per cent of the price of the home.
Therefore, Harrison Murray is warning that time is running out for first time buyers, who are looking to reap the benefits of the Stamp Duty exemption, to buy a property – and that sellers should act now to meet the potential rush of first time buyers looking to do so.
Harrison Murray managing director Nick Salmon said: “While the announcement is disappointing in terms of getting people onto the housing ladder – it does act as an urgent prompt for first time buyers to spur themselves into action before the end of the Stamp Duty holiday next March.
“Likewise, we expect there could be a flurry of sellers putting their ‘first time buyer suitable’ properties on the market in the coming weeks to catch the opportunity to find a buyer that this announcement presents to them.”