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Stamp Duty and the First Time Buyer update

Chancellor George Osborne’s Autumn Statement has confirmed that first-time buyers stamp duty concession or ‘holiday’ will end on 24 March 2012 as planned and will not be extended, as the government says the relief has been ineffective in increasing numbers of first time buyers entering the market.

The Council of Mortgage Lenders in response has once again warned that first-time buyers’ purchases could be bunched up at the start of next year before the concession is scrapped on 24 March. This has certainly been our experience in the past, therefore any first time buyer wanting to take advantage of this saving would be wise to be looking at the market now to avoid getting caught up in this.

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