Government Announce Partial Suspension Of Stamp Duty On Home Purchases
The UK government has reacted positively to the threat of a further downturn in the UK property market with a suspension of stamp duty on home purchases up to a level of £175,000. While this is better than the current £125,000 stamp duty exemption limit and will cost the Treasury around £600m for the year it will be in place many people are questioning whether it goes far enough.
On reflection it seems as though the authorities have decided to target the lower end of the income scale - traditional Labour supporters - in an effort to try and get back in favour with the more desperate of the electorate. Will it be enough? Does it go far enough?
The move has been welcomed by the estate agency industry but there are some who believe that the move will only slow the ongoing fall in property prices. Interest rates as ever are the key to any major pick up in the economy but until inflation is under control it seems as though we may well be drip fed a number of similar measures such as today's to not only try and improve the prospects for the property market but also inject some much needed confidence into the economy.
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