24
Mar
Stamp duty threshold rise 'would boost property market'
The property market in the UK would be boosted by a rise in the
stamp duty threshold.
This is according to the Association of Mortgage Intermediaries
(AMI), which made its comments ahead of the Budget announcement by
the government today (March 24th).
It said that such an increase would assist first-time buyers (FTBs)
who are looking to go through the conveyancing process and purchase a home.
The AMI stated: "The plans to raise the stamp duty threshold to
£250,000, which we have been calling for, would provide a
welcome boost."
There is speculation that the government will opt to implement this
change in a bid to bolster the market.
According to the Council of Mortgage Lenders, if the threshold in
2009 had been £250,000, around 92 per cent of FTBs and 69 per
cent of home movers would have been exempt from the duty over the
course of the 12-month period.
