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| CURRENT SECTION :: Money News | UK's most visited IT Contractor Site - 250k unique visitors March 2008 |
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A stamp duty amnesty on properties worth up to £175,000 is an unexpected boon for investors, who may reap its benefits more than the first-time buyers it was aimed at. From September 3rd, the 1 per cent stamp duty for any residential property under the value will be waived for a year, allowing buyers to save up to £1,750 per property. Although the measure means about half of all property transactions will be free of the tax, experts fear first-time buyers will continue to struggle with higher mortgage rates. Investors, in contrast, often have larger cash deposits to draw upon, meaning the prospect of buying a property under the threshold is obtainable and is now, much more attractive. As a direct result of the amnesty, designed to make the market “fairer for all,” vendors stuck with properties on at £200,000 have moved to cut their prices by £15,000. However, ever keen to find a bargain, investors may defer any bid they intend to make until property prices fall further, given they have until September 2009 to buy tax-free. Before, during and after such a bid, any buyer will want to get their paperwork in order and a new price comparison site is offering to give its visitors the best deal. Compareconvayencers.co.uk is free to use and lets any homebuyer compare quotes from more than 170 solicitors, claiming to offer savings of up to £100. Yet it seems that any deal, not just the most economical one, is on the mind of Alistair Dalton, a property developer from Porthcawl, South Wales. According to reports, he will throw in a free Ford Fiesta with each of the three houses he is struggling to sell for £275,000 as part of a six-house development. “Two of the biggest purchases that people make in their life are their home and their car” Dalton told local reporters, “so I thought that if I put a car in the garage, then that might give someone the extra incentive they need to buy one of my houses.” Sep 8, 2008 Email this article Printer friendly page Previous Page
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