Halifax, the UK's largest mortgage provider, has extended its pledge to help first-time buyers and existing homeowners by paying half the Stamp Duty on properties valued up to £250,000. This deal could save thousands of purchasers up to £1,250.
Research from the lender shows that nationally, some 49% of all home purchases in the first quarter of 2012 were valued between £125,000 (the lower threshold for Stamp Duty) and £250,000. Buyers in this price range must pay 1% of the property price in Stamp Duty Land Tax. The deal will be welcomed by first-time buyers who missed out on the Stamp Duty "holiday" that raised the lower threshold to £250,000, which ended in March this year.
Stephen Noakes, Halifax's mortgage director, says: "Buying a home is one of the most expensive purchases many will ever make and the costs associated can place an extra burden on home movers. Many initiatives have been launched over the last 12 months that are solely aimed at first-time buyers, but more needs to be done to help movers across all rungs of the ladder, which is crucial in the creation of a vibrant housing market. We have seen over the last two years that support provided to buyers has a positive impact, with the Stamp Duty exemption helping over 40% of first-time buyers. We're keen to assist home movers to purchase their next home, and support with their Stamp Duty bill does just that."