How will the budget affect property?

The chancellor has increased the stamp duty threshold by 100% making the threshold for stamp duty up to ?250,000. This new tax relief is only a temporary measure but will remain in place for a minimum of two years. It has been brought in straight away and many property developers and house sellers will be much happier this weekend as a result. However this fantastic give away does have one of the usual budget caveats attached, buyers will only be eligible if they are genuine first time buyers and lawyers will be required to check at the point of purchase. The good news is more for the sellers who now have a slightly better opportunity to sell to that recently allusive breed the first time buyers.