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There was no particular good news for the property market. We had hoped that the stamp duty threshold for first-time buyers would be extended to stimulate this sector but it was not. With the news that properties over £2m would now be taxed at 7% it seems both the top and bottom ends have been affected.

The good news for the first-time buyers is the ‘Newbuy’ scheme launched in conjuction with the Government and certain major housebuilders. This means a first-time buyer with only a 5% deposit will be able to purchase a new property upto a certain value.