ARTICLE · 24 MARCH 2010

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Smith & Williamson

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The Chancellor gave a small helping hand to first-time buyers stepping onto the property ladder today at the expense of some wealthy house buyers.

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Smith & Williamson

The Chancellor gave a small helping hand to first-time buyers stepping onto the property ladder today at the expense of some wealthy house buyers.

The stamp duty threshold for first-time buyers acquiring property doubles from £125,000 to £250,000 at midnight tonight. The increase takes effect for the next two years and is clearly intended to boost the residential property market.

At the other end of the residential property market, the stamp duty rate on homes worth over £1m increases from 4% to 5% from April 2011 – bringing in at least an extra £10,000 per sale.

Nick Cartwright, head of property at Smith & Williamson, the accountancy and financial services group, commented that:

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