The 1% stamp duty rate for first-time buyers, on properties costing between £125,000 and £250,000, is being reintroduced on 24 March.
This stamp duty “holiday” was considered by the chancellor to be ineffective in getting more people onto the property ladder however we have seen a significant rise in first time buyers trying to complete their purchases prior to the expiry of the scheme. The last day that purchases can complete and have the benefit of the relief is 23 March 2012.
The government’s New Buy Scheme is aimed at helping first-time buyers purchase a newly built home with a small deposit.
