First-time buyers have until Valentine’s Day to “qualify” from stamp duty exemption

Feb. 2, 2012 - PRLog -- First-time buyers have only until Valentine’s Day to find their love nest if they want to benefit from the current stamp duty exemption before the rules change in March , according to Move with Us, the residential property specialist.

Home buyers must have completed their house purchase by 24 March 2012 to qualify for the current 1% stamp duty exemption on purchased properties up to £250,000. Move with Us calculates that it takes on average 39 days between an offer being accepted and completion, as long as purchasers are “legally ready” to buy, making 14 February the last possible date for aspiring homeowners to put an offer in.

While Move with Us is keen to stress that although these are average figures, aspiring homeowners who want to qualify need to get a move on to find their dream home, as well as having the necessary documentation ready to speed up the purchase.

Under the current Stamp Duty Land Tax relief rules there is a temporary exemption allowing first-time buyers to avoid  the 1% stamp duty tax on homes costing under £250,000, a saving of £2,000 on a house worth £200,000.  The exemption from stamp duty for first time buyers will end on 24 March 2012, following a government report which showed that the tax relief had been relatively ineffective in increasing the number of first time buyers entering the property market.

Those first-time buyers who will miss the boat on the Stamp Duty Land Tax relief will however have another perk as later in the year the government will introduce a deposit support scheme which will allow people to qualify for a mortgage of up to 95% on new build properties, although they will now all have to pay stamp duty.

Robin King, Director, Move with Us comments: “While moving is never an exact science, buyers can improve their chances of a smoother process by being legally ready. Although the government is ending the stamp duty relief exemption because it says it has not been popular, if you are a first-time buyer and looking to buy soon then you would be a fool not to try and take advantage of it before it ends.
“The changes to stamp duty will only benefit those who can afford  a big deposit. Those who are struggling to save enough may wait to benefit from the new build scheme, which the government is proposing to introduce later in the spring.”

For further information, please contact:
Sarah Evans Toyne / Lianne Robinson / Chiara Barreca, Broadgate Mainland: movewithus@broadgatemainland.com / Tel. 020 7726 6111

About Move with Us:

• We are one of the UK’s leading residential property experts, providing a broad range of simple and effective services to help consumers buy, sell and value their homes. Our aim is to do property, properly.

• We provide free, impartial advice and tools to home buyers and sellers in the UK through our website and consumer helpline.

• Founded in 1997, we have become one of the largest estate agency networks, with more than 1,100 estate agents in the UK, ensuring that we have access to the best local knowledge.

• We work with the best independent, accredited estate agents across the country, providing property instructions and a host of moving services to help provide our customers with a smooth and efficient move.

• Based in Cambridgeshire, we have approximately 300 staff.

• Our business growth has been recognised with a number of awards, including The Sunday Times Fast Track 100 award in 2005, 2006, The Sunday Times Profit Track 100 award in 2008 and 2009 and The Telegraph Fast Growth List, 2011.

• For further information, please visit: http://www.movewithus.co.uk

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Founded in 1994, Broadgate Mainland is an award-winning company that specialises in financial services public relations.