Homebuyers are warned and encouraged to act fast to complete their property purchase in four months before the end of the stamp duty holiday.

The Government announced an extension to the Stamp Duty Holiday (Zero Stamp Duty) in April’s Budget allowing homebuyers to purchase properties up to a value of £175,000 tax free until 31^st December 2009.  The move is designed to help first time buyers who could save up to £1,750 on their house purchase.

From 1^st January 2010 all homebuyers with properties valued between £125,000 to £175,000 will once again face a 1% Stamp Duty Tax rate.

As a typical house purchase takes three months to complete prospective buyers are recommended to act quickly to ensure the sale is completed before the cut off date.  Research based on the previous two quarters estimates approximately 35,000 people will be expected to purchase a property at this price range between 30^th September and 31^st December 2009 and many may fall foul of Stamp Duty taxation due to delays adding to the collective tax bill of an estimated 53.7 million.  Prospective buyers are therefore urged to take time constraints into consideration when purchasing to ensure they meet the deadline and reap the benefits of this extension.

Homebuyers are also reminded to purchase Home Insurance (owner occupier insurance) to secure themselves against the unforeseen - Visit Discount Landlord Insurance for the most comprehensive landlord insurance and other property insurance.