Date Published 02 September 2008
Homebuyers will not have to pay stamp duty on properties costing £175,000 or less for the next 12 months.
The current £125,000 threshold will be raised as part of a package of measures aimed at boosting the housing market.
Someone buying a home for £175,000 will save £1,750 under the scheme, which is likely to cost the Treasury £600m.
The goverment estimates half of all property transactions will now be exempt from stamp duty - up from one third when the threshold was £125,000.