Home Darling in year-long stamp duty move

Darling in year-long stamp duty move

The chancellor of the exchequer Alistair Darling has revealed that the lowest threshold of stamp duty is to be lifted from £125,000 to £175,000 for the next year.

Mr Darling said the move will come into place tomorrow (September 3rd) and continue until the same date in 2009.

Such a move may help bolster the housing market, particularly in London where house prices are higher and few had been able to get a house without being charged the tax.

The market may also be aided by the ending of the uncertainty over whether any measures concerning the levy would be introduced, following a hint by the government that this may happen last month.

In recent days housebuilders such as Barratt have found their own solution to the issue.

The builder has promised that it will pay the duty for those buying new homes in any of its Birmingham developments, a move that will still benefit those purchasing homes for over £175,000.