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Home buyers enjoyed stamp duty holiday

A recent reported by Acadametrics indicated that the stamp duty holiday was beneficial to many home buyers across the UK.

The stamp duty holiday, which last from September 2008 to December 2009, saw the Government increase the threshold at which stamp duty is charged from £125,000 to £175,000, in an attempt to revitalise the housing market. The introduction of the holiday was seen as an answer at the time to falling house prices and restricted mortgage availability.

Sales of homes below the raised threshold in England and Wales grew sharply in the last quarter of 2009, according to the report. The statistics show that the number of property transactions on properties valued below £175,000 rose by 10.2% in the period, whilst those priced above the £175,000 mark increased by just 2.2% over the same period.

Areas with a growth in transactions included Leicester, Thurrock and Staffordshire, up 24%, 23% and 20% respectively.

Peter Williams, chairman of Acadametrics, announced: “Without doubt, year-end activity was heightened by the anticipated end-of-year closure of the stamp duty holiday for properties up to £175,000.”

Source: Homemove.co.uk

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