Last chance for tax exemption

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Time is running out for South Yorkshire’s first-time homebuyers to take advantage of the Government’s stamp duty holiday.

First-time buyers have been temporarily exempt from paying the tax on properties between £125,000 and £250,000 since 2010, but the offer comes to an end on March 24.

From then on they will be subject to the normal one per cent levy on the purchase price.

Bovis Homes group marketing director, Kevin Wilkins, said: “That one per cent could be a significant extra cost for the buyer – up to £2,500 in some cases – so there is a real saving to be made by completing your house purchase before the deadline.

“There is a danger first-time buyers may fail to appreciate how long the homebuying process could take and they may leave it too late.”