Labour offers first time buyers stamp duty exemption

By Michelle Rock

Ed Miliband has pledged to introduce a stamp duty exemption for first time buyers in Northern Ireland, England and Wales purchasing a house under £300,000.

Housing has become one of the key issues for political parties in the build up to the election, with policies largely focussing on the number of new houses that would be built each year. Labour are the first party to announce a new policy in respect of stamp duty, but it has already come under attack by other parties who say it is unfunded, and that it will not improve affordability of housing. A Conservative party spokesman referenced the 'failed' stamp duty holiday introduced by the Last Labour government, and said they had "crashed the housing market and repeatedly raised stamp duty."

Labour say the exemption would apply to first time buyers in Northern Ireland, England and Wales on properties under £300,000, and would last for the first 3 years of their term in government if successful. The current threshold at which stamp duty is payable is £125,000, with tax charged on the amount above on a sliding scale rising to 12% on homes over £1.5million.

If are buying a house in Northern Ireland, and want to speak to a property conveyancing solicitor, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.