Housing experts are calling on the government to extend its stamp duty concession for first time buyers (FTBs).
The temporary tax exemption for FTBs purchasing homes worth up to £250,000 is due to end next month. After that, buyers will be asked to pay tax starting at 1% on properties purchased for £125,000 or more. The tax rate for properties worth over £250,000 will be unchanged at 3%, while for those worth between £500,000 and £1m it will be 4%. Last year a new 5% band was introduced for properties worth more than £1m. Experts are calling on the government to extend the FTB concession. Bernard Clarke at the Council of Mortgage Lenders said: "With FTB purchases having slumped by almost ...
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