Back in 2010 the Uk Government introduced a tax holiday for house buyers purchasing property between £125,000 and £250,000 so that they did not need to pay the usual 1% stamp duty. This saved house buyers around £2000 on average and helped with the large costs involved in buying a house and moving home. It was mainly targeted at first time buyers who are finding it increasingly difficult to get on the property ladder. However in March 2012 this tax exemption stopped and as a result the amount of new mortgages given in April 2012, compared to March 2012 dropped by 70%! First time buyers accounted for around 50% of this drop. In monetary terms there was £2 billion less lent through mortgages and nearly 20,000 less mortgages given. With rising unemployment, economic uncertainty, fears over
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