Thinking Of Buying A House? Do It Quickly!

If it's always been your plan to buy a house, but just never got round to it, then now is the time to buy. On March 24th 2012 the government will scrap the stamp duty exemption currently in place for first time buyers.

What does this mean?

Until now first time buyers have not had to pay the stamp duty on their first homes. This was originally intended to encourage youngsters to get on the property ladder by helping them out financially; they need only save up for a deposit. However, the government has recently announced that this tactic has failed to encourage more people into the market, which is why in March this relief will stop, and all first time buyers will be required to pay stamp duty.

It's an expensive business anyway, what does a little more matter?

If you are buying a house worth less than £125,000, you are still exempt from paying stamp duty, but expect to pay 1% tax on anything above that up to £250,000. It doesn't sound like much, but it's a minimum of £1250 on top of the deposit you've saved for the house itself. If you are considering buying a house worth more than that, then you will have to pay 3% on houses up to £500,000, 4% on houses more than that and 5% on residential property worth more than a million. If you have enough money for the house, and a few thousand for required renovation work, buying a house now could mean the difference between setting up in your beautiful new home, or buying it and waiting until you can afford those necessary renovation works before you move in. Alternatively, you could use less than 10% of that saved money to make a Will and ensure your new asset is thoroughly looked after should anything happen.

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