Stamp duty losers may need debt management
Stamp duty losers may need debt management
Thursday 31st December 2009
The government has called an end to the stamp duty holiday on properties sold between £125,000 and £175,000 which was introduced in 2008 as a temporary measure during the recession.
London and south east England, where property prices are highest, stand to lose out most, according to the Council of Mortgage lenders (CML).
When the measure was introduced, the CML estimated that the proportion who would escape paying stamp duty would rise from a quarter of all homebuyers to a half.
In fact, the concession benefitted even more people, with 57 per cent of those buying with a mortgage initially not having to pay stamp duty, falling to 51 per cent in the third quarter of 2009.
Those who want to make their first step or move up the property ladder may now need to talk to a debt management company and find out about solutions such as debt consolidation loans.
Senior statistician at the CML James Tatch, who analysed the stamp duty holiday on behalf of the organisation, said:
"We may see some surge in activity at the end of the year as borrowers rush to beat the deadline on the stamp duty concession before it ends.
"This may bring the total benefit to consumers (and cost to the Treasury) nearer the government's original estimate, but there is no realistic chance of the government 'spending its budget' on this by the end of the year."
News article brought to you by Debt1 – UK debt management specialists
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