Abbey: Stamp duty holiday ending a disappointment

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Abbey: Stamp duty holiday ending a disappointment

Wed 9th Dec 2009

Following on from the pre-budget report, Abbey has commented on its disappointment that the stamp duty holiday is not to continue into the new year.

It is estimated that 132,500 properties have been purchased that have escaped stamp duty since the new threshold of £175,000 was introduced, from the previous level of £125,000. Those looking to buy a property worth this value or above from January 1st 2010 will have to pay the tax.

Nici Audhlam-Gardiner, director of mortgages at Abbey and Alliance & Leicester, said the move was disappointing not only to those who are looking to get into the property market, but also the rest of the market.

"First-time buyers currently in the process of buying should make sure they complete their sale before December 31st to save themselves up to £1,750 before the Stamp Duty holiday comes to an end," she advised.

Earlier this month, the mortgage provider had reduced the rates on its high loan-to-value fixed-rate and tracker mortgages, which would help first-time buyers to make repayments on their loans.

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