Stamp duty exemption is a step in right direction
HOMES worth £175,000 or less will from today be exempted from stamp duty for the next 12 months.
But while a “step in the right direction”, Teesside estate agents say more could have been done to bolster the under-pressure market.
Michael Poole, vice chairman of the North-east branch of the National Association of Estate Agents, and principal of Michael Poole Estate Agents, said: “It is a step in the right direction but giving a stamp duty holiday across the board for say a six-month period would have been a tremendous way to take the market forward.”
About half of homes sold in the UK are worth £175,000 or less, though those under £125,000 are already exempt from the 1% levy.
Ian McClelland of Thirlwells estate agents and valuers added: “Scrapping the 1% rate completely would have been a much better move.
The announcement has been aimed at first time buyers, but on Teesside the majority of those buyers are in the £125,000 and below bracket. But obviously there are people who will benefit which is good news.”
