Friday, 15 May 2009

Cash savings up for grabs thanks to stamp duty holiday extension

After plans to extend the stamp duty holiday were revealed in the recent budget announcement, ensure you make the most of a golden opportunity to make cash savings.

The extension of the stamp duty holiday will provide an extra incentive to buyers and will give a major boost to the property industry. There is no guarantee that the holiday will be extended after this period, so if you are in a position to buy, don’t wait.

The current system states that buyers must pay 1% of the property price in tax on homes worth £175,000-£250,000, with a 3% tax starting at £250,000 and a 4% tax on properties over £500,000. However, the new deal, which sees the stamp duty holiday extend from September 2009 until December 2009, could see you save up to £1,750 when purchasing properties up to the value of £175,000.

It is now cheaper to buy than rent in many cases and you should consider all your options. With prices now affordable for many, those with a mortgage offer or who have cash-ready funds should take advantage of the scheme.

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