Changes to stamp duty threshold
Brits who are concerned about installing a bespoke conservatory because their property is on the cusp of the stamp duty threshold have been given a boost.
The recently announced Budget statement saw chancellor Alistair Darling increase the threshold to £250,000 for first-time buyers, meaning that would-be home improvers need not fear a rise in the value of their home.
It will give nine in ten first-time buyers the chance to avoid paying the tax on buying a property and is aimed at stimulating the market further.
FirstRungNow.com managing director Helen Adams explained that the move will help the industry, but expressed fears that first-time buyers could still struggle to find a large enough deposit to secure a mortgage.
She added that the rules of who qualifies for the raised threshold should be clarified in order to avoid any confusion.
"What happens if there are two people buying together and one is a divorcee and is not a first-time buyer and the other one is?" she asked.
Posted by Cheryl Stevenson
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