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Stamp duty holiday approaches conclusion in property market

When the UK government removed the 1% stamp duty on the purchase of homes with a value between £125,000 and £175,000, to inject interest into the marketplace, this was well received by property investors. However, the scheme is set to end on New Year's Eve 2009 with 1% stamp duty to be charged on properties with a value of over £125,000. As a consequence many estate agents are suggesting their clients "speed up the purchase process" ahead of the increase. But is this the correct advice?

While obviously significant cost savings are available for those who are able to conclude a deal before New Year's Eve there is also the potential for investors to rush in without taking due care. Saving 1% on a property valued between £125,000 and £175,000 makes good sense but what happens if you buy the wrong property?

When you also consider the timeline between looking for a property, finding a property, having a bid accepted and exchanging documents, many potential property purchases may well be running out of time as we speak. As the UK property sector shows signs of recovery they will obviously be discussions and disagreements regarding property values which could in many cases impact upon the completion date. Buying a property is one of the biggest decisions in your life and needs to be treated with respect!

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