The government's stamp duty holiday on properties valuing less than £175,000 has been a failure for the first-time buyers as it could not achieve its desired goal.  

Figures complied by property website zoopla.co.uk revealed that buyers saved only £173 million during the one-year period ended September 1 as compared with government’s prediction of £600 million.

Speaking on the issue, Nicholas Leeming of zoopla.co.uk said, “The stamp-duty holiday has so far failed to reinvigorate the housing market.”

It may be noted here that government raised the stamp duty threshold from £125,000 to £175,000, but only 115,500 first time buyers could manage to avoid a massive tax bill, much down from government’s expectation.

Discouraging figures could pose threat to the recovery in the property sector, especially in areas which are lagging behind the rest of the country.

(via TopNews United Kingdom. Contributed by Sunil Kumar)