Low Income Buyers Exempt of Stamp Duty
The Chancellor Alistair Darling has announced today in his first budget that low-income property buyers will not pay stamp duty, if they buy a home through a government sponsored scheme.
The Chancellor has revealed low-income home buyers would only have to pay stamp duty once they own 80 per cent or more of the property.
Mr Alistair Darling also exposed that more resources will be made available for other government schemes, to increase the supply of inexpensive housing. The shared-equity schemes will help key workers such as police and teachers, who may now get a low-cost loan if they wish to buy a property.
It was also revealed that around 95,000 households have been helped by these schemes; however there was little support for first time buyers who earn too much to be eligible for these schemes.
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