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06/11/2009
Possible buyer surge as stamp duty deadline approaches |
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The approaching change in the lowest threshold for stamp duty is set to prompt a rush of first-time buyers looking to complete transactions quickly, the National Association of Estate Agents (NAEA) has said.
NAEA spokesperson Trevor Kent said the change in the lowest priced property the tax can be levied on from £175,000 to £125,000 from January 1st 2010 will mean many first-time buyers will be looking to complete the transaction as soon as possible.
Noting that people effectively have until December 23rd to complete these, he said: "It is doable, it's getting a bit tight but if you've already made your offer and you've already put it in your solicitors hands, then it's most certainly doable."
Those keen to complete transactions quickly may wish to see a property lawyer as soon as possible.
Earlier this week, Winkworth Estate Agents reported that the number of enquiries from first-time buyers now accounts for 32 per cent of the market, compared with 19 per cent last year.
Written by Pauline Adams
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