The Pre Budget Report did not bring an extension of the stamp duty exemption for property purchases up to £175,000, which means purchasers will face a stamp duty bill of up to £1,750 next year.
Commenting, David Hollingworth at L&C Mortgages said, “With much larger deposits required to secure a mortgage the exemption did at least help reduce the hefty cost of buying a home and its demise will not be welcomed by first time buyers in particular. Those that are currently in the process of buying will need to keep well on top of things to ensure they complete their mortgage before the end of the year. Ensure that your solicitor will be available over the Christmas period and that all is in hand.
Those coming fresh to the market now would need a minor miracle to complete their purchase before the deadline.â€
Via EPR Network
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