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House-buying surge predicted
Law firm Irwin Mitchell is predicting a rise in the number of house sales in the region as buyers rush to complete their purchases before the stamp duty land tax holiday period ends in December. The government temporarily raised the threshold for the first band of stamp duty from £125,000 to £175,000 in December 2008 to stimulate the housing market and assist first-time buyers. Irwin Mitchell expects the number of completions to continue to increase before the year-end deadline. Statistics from the Land Registry show that monthly sales in the West Midlands have almost doubled since the start of the 2009, with 2,361 completed sales in January rising to 4,504 sales in August.
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