26
Mar
Stamp duty announcement 'may boost housing market in 2010'
This year may see a rush on the purchasing of high-end property in London and the rest of the UK as a
result of an announcement made during the recent Budget, it has
been suggested.
Chancellor Alistair Darling revealed that homes worth more than
£1 million are to see an increase in stamp duty from four per
cent to five per cent.
However, the change will not come into effect until next year and
one expert has said this delay may result in a surge in demand for
expensive homes.
David Hollingworth of London & Country Mortgages said: "This is
likely to provide stimulus to the top end of the market, especially
as the year progresses and the introduction of the higher rate
draws nearer."
He also noted that the government's decision to remove stamp duty
for residences worth under £250,000 - which has already come
into effect - will bolster housing transactions.
It will aid those seeking to get on to the property ladder who are
struggling to raise enough cash for deposits and costs, he
added.
