Fallen for your first property? Seal the deal by Valentine's Day!

First-time buyers who want to benefit from the current stamp duty holiday will have to find their new love nest by Valentine's Day, a property firm has calculated.

First-time buyers who want to benefit from the current stamp duty holiday will have to find their new love nest by Valentine's Day, a property firm has calculated.

The current first-time buyer exemption from the 1pc tax for properties under £250,000 runs out on March 24. However, property group Move With Us calculates that it takes 39 days on average between an offer being accepted and the transaction being completed, meaning that February 14 is the last possible date for home owners to put an offer in.

"Although the Government is ending the stamp duty relief exemption because it says it has not been popular, if you are a first-time buyer and looking to buy soon then you would be a fool not to try and take advantage of it before it ends," said Robin King, director of Move With Us.

"While we are is keen to stress that whilst these are average figures, aspiring home owners who want to qualify need to get a move on to find their dream home, as well as having the necessary documentation ready to speed up the purchase."

Stamp duty on a house worth £200,000 is £2,000, so the exemption represents a significant saving. To be eligible, both members of a couple have to be first-time buyers.

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Wendy Evans-Scott, of the National Association of Estate Agents, said that the proportion of first-time buyers had risen slightly late last year, but still represented a low percentage of average sales.

"It is impossible to predict what impact the end of the tax exemption will have on first-time buyers, particularly those on very tight budgets of under £250,000 for whom the 1pc tax could be disastrous," she said. "The Government will need to monitor sales closely and consider other action to support the fragile first time buyer market."

From The Telegraph