The End of the Stamp Duty Holiday

The stamp duty holiday ended on the 31st December and only houses under £125,000 are now exempt from the tax.

In September 2009 all properties up to £175,000 were declared free of stamp duty, which would have saved up to £1,750 on a property at the top of the scale. During 2009 51 % of all house sales involved no stamp duty at an estimated cost to the Treasury of £615 million although the Council of Mortgage lenders believe this figure will be more in the region of £500 million.

Before the holiday properties in the Northern and Humberside regions had the highest number of exempt properties .The number increased from almost 50% to more than 75% when the threshold increased to £175,000. In Ulster this figure was 69% whilst in London this figure increased from 2% to 17%.

The end of the holiday sparked a last minute rush to complete property deals before the end of December making Christmas an unusually busy time for Estate Agents.

Stamp duty is 1% for properties between £125,000 and £250,000 and rises to 3% between £250,000 and £500,000 and 4% for properties valued over £500,000.

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