First time buyers are automatically exempt from paying stamp duty if they are purchasing a property for the first time in their life and if the property is being purchased for £250,000 or less.

The new stamp duty threshold came into effect on the 25th March 2010 and will last for
two years. For many first time buyers with only a small deposit and who are struggling to find a mortgage, the savings may make enough of a difference to allow them to buy their first home. For a property being purchased for £200,000 a saving of £2,000 (1%) would be made.

For first time buyers the new stamp duty rates based on the property purchase price are as follows:

• £0 - £250,000 0%
• £250,001 - £500,000 3%
• £500,001 or more 4%

For anyone who is not a first time buyer the rates will remain as:

• £0 - £125,000 0%
• £125,001 - £250,000 1%
• £250,001 - £500,000 3%
• £500,001 or more 4%

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