FTB Stamp Duty deadline could be disastrous, says NAEA

by Aaron Strutt

Jan 27 2012

The National Association of Estate Agents is reminding first-time buyers that they need to act quickly to avoid paying Stamp Duty. They are urging home-buyers to communicate with their solicitors in order to complete before the March 24 cut-off date.

When the tax exemption comes to an end, first-time buyers will have to pay 1% tax on house purchases between £125,000 and £250,000, and a tax of 3% on purchases between £250,000 and £500,000.

Wendy Evans Scott, president of the NAEA, says: “It is impossible to predict what impact the end of the tax exemption will have on the first-time buyers, particularly those on very tight budgets of under £250,000 for whom the 1% tax could be disastrous.”

27 January 2012