In a bid to help home movers across the board, not just first time buyers, Halifax have announced an extension to their Stamp Duty Product to encompass all home movers purchasing property up to a value of £250,000.00.
Initially launched back in March, to coincide with the end of the Government’s first time buyer stamp duty holiday, the Stamp Duty Product will now be available to first time buyers and home movers.
The product will see Halifax pay 50 per cent of the stamp duty bill on purchases up to a value of £250,000.00. It is hoped that the product will ease the financial pressures and reduce a buyer’s costs, up to a maximum of £1,250.
During the first quarter of 2012 almost 50 per cent of home movers purchased property between £125,000 and £250,000, according to Halifax.
Mortgage Director at Halifax, Stephen Noakes, said:
"Buying a home is one of the most expensive purchases many will ever make and the costs associated can place an extra burden on home movers. Many initiatives have been launched over the last 12 months that are solely aimed at first time buyers, but more needs to be done to help movers across all rungs of the ladder, which is crucial in the creation of a vibrant housing market.
We have seen over the last two years that support provided to buyers has a positive impact, with the stamp duty exemption helping over 40% of first time buyers. We’re keen to assist home movers to purchase their next home, and support with their stamp duty bill does just that."
It’s nice to see all home movers given access to a product that will save them a little bit of money.
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