Month on month the number of home loans has increased since the Stamp Duty Land Tax (SDLT) Holiday was introduced. Now, public figures and industries are calling for the holiday to be extended.
SDLT is a tax usually incurred when you buy a house over the value of £125,000. The Government, under pressure to show decisive action during the Recession, raised the Stamp Duty Land Tax to houses over the value of £175,000. These measures are designed to help first time buyers, those on lower incomes and to stimulate the market. So far it appears to be working as the amount of mortgage lending has gone up this month.Wolstenholmes Solicitors are a national firm that provides a Conveyancing service. They were established in 1818 and remember the last stamp duty holiday introduced during the last recession by the Major government. A spokesperson for Wolstenholmes Solicitors commented “The stamp duty holiday is good for Conveyancing business as more people are buying houses. Everyone who buys a house needs to see a professional Conveyancing solicitor.”
When the John Major government reintroduced the stamp duty, mortgage lending dropped, house prices fell and the economy suffered. Therefore Estate Agents and Conveyancing Solicitors are calling for the holiday to be extended until we are back into economic growth. Currently the offer is due to end 31st December 2009.
Wolstenholmes Solicitors commented “There are good offers to be had at the moment. If you are in a position to buy, then now is a good time. Mortgage lending is on the rise again as people take advantage of this offer, so house prices will see an increase. Additionally if you choose our Conveyancing Solicitors we can usually beat other prices as we are on line, we offer a free initial consultation and we offer No Completion No Fee. That means you won’t pay a penny if we don’t complete the transaction.”
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