As pedicted, chancellor Gordon Brown has announced a raise in the stamp duty threshold. In yesterday’s Budget Brown said that no one buying a property valued at less than £120,000 would pay the 1% tax. This doubles the previous threshold and is expected to affect 300,000 homebuyers many of whom will be first time buyers. The change will mainly benefit those outside London and the South East buying low priced properties, saving them up to £600. However just 15% of properties on the market are priced at less than £120,000. According to the Halifax the threshold would have needed to rise to£157,000 to keep pace with house prices over the last 12 years. Brown also announced a partnership with the Council for Mortgage Lenders that would finance 25% of the price in a shared-equity scheme for 100,000 new homebuyers. He also pledged to build new private homes on council estates. (All press)