The government have annouced that Stamp Duty on properties valued under £175,000 will be suspended for a year

At present the Stamp Duty of 1% applies to properties from £125,000, raising this threshhold will save homebuyers up to £1,750.

Prime Minister, Gordon Brown commets:

“Homeowners need to know that we will do everything we can to keep the housing market moving forward,"

The scheme will take affect from 3rd September 2008 and will apply only to properties used for residential purposes.