Stamp duty set to rise
The current stamp duty holiday - which sees properties valued at under £175,000 exempt from the charge - is set to come to an end on December 31st.
Current stamp duty thresholds detailed by the HM Revenue & Customs note that there is a zero per cent rate on properties purchased up to £175,000, one per cent rate on buildings costing between £175,000 and £250,000 and three per cent for those between £175,000 and £250,000.
But with the zero per cent threshold set to come to a close next month, Britons may find that flats to rent in Islington and other parts of London are more affordable than those which are available to buy.
Trevor Kent, spokesperson for the National Association of Estate Agents, said: "Clearly those who are in a position to exchange and complete pretty quickly are rushing at the moment because if they complete before December 31st and they're purchasing under £175,000 they will escape stamp duty."
Written by Andy Britten
Published 9th November, 2009
© 2009 Estates IT Limited
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Britons may wish to carry on renting as stamp duty is set to rise next month on some properties, which could make buying a home more expensive.