From The BBC:
It is suspending stamp duty for properties worth up to £175,000 – £50,000 more than the current threshold. The suspension will come into force on Wednesday, for a year.
Also included is a shared equity scheme, and interest-free loans towards part of the value of a property for first-time buying households earning less than £60,000.
Here some first-time buyers and people hoping to buy have revealed what they think.
They are struggling to keep up with the cost of living and fear negative equity if they sell their two-bedroom house.
The first-time buyers, who earn a combined total of £30,000, purchased their home in September 2007 for £116,500, opting for a five-year mortgage deal with Northern Rock, at a fixed rate of 5%. They borrowed £122,500. Repayments cost them £800 per month.
“We can’t afford to live,” says Leanne. “Food prices have gone up and so has the cost of gas. We don’t have any spare money. We have to shop around for bargains, we can’t afford new clothes a…