The Chancellor will not extend the first time buyer £250k exemption and on 24 March 2012, it will drop back to £125k.

Chancellor George Osborne revealed that this tax relief had been ineffective and had failed to increase the numbers of First Time Buyers on the property ladder.

This temporary exemption meant first-time buyers were free from the 1% stamp duty on homes costing under £250,000.

At Colchester based solicitors Asher Prior Bates we have been wondering whether these changes will lead a boom in first time buyers pre March 2012? If you are considering trying to beat the deadline – remember to start as soon as you can – and come and see us early !

Our specialist property department ensures clients are kept up to date with the latest changes in legislation.  For more information or help and advice with your conveyancing needs, please do not hesitate to contact one of our friendly property solicitors on 01206 768 331, email info@apblaw.co.uk or visitwww.apblaw.co.uk