Stamp duty land tax (SDLT) relief for first time buyers end on 24 March 2012

If you are buying your first home it is important to be aware that the current government incentive on properties costing between £125,000 and £250,000 ends on 24 March 2012.

This meant that first time buyers were exempt from the 1% stamp duty which depending on the property purchase price could result in a saving of up to £2,500.

From 25 March 2012 all first time buyers purchasing their first home for between £125,000 and £250,000 will have to pay SDLT at a rate of 1% resulting in an extra charge of between £1,250 and £2,500.

SDLT for properties over £250,000 remain the same.

If you are currently considering buying your first home it can take longer than you expect to get everything in place so now is the time to take action.