From This is Money:
The move was unveiled by Chancellor Alistair Darling as the flagship measure in a package to help homeowners through the credit crunch.
It will save buyers up to £1,750 when they purchase a house – and in practical terms means a temporary raising of the current threshold from £125,000 to £175,000. Treasury experts said half of home transactions would be free of stamp duty as a result.
But most London buyers will not qualify because the average cost of a home in Greater London is £371,000, according to official figures – far above the new threshold.
After industry scepticism about the value of a stamp duty holiday to the wider market, government sources stressed that the move was designed to help individual families rather than boost the battered market.
Stamp duty rakes in £6.5bn for the Treasury – with Londoners paying by far the biggest burden.
Currently, those buying properties between £125,000 and £250,000 pay 1% in stamp duty. For…