Some 112,000 people have been able to avoid the stamp duty property tax as a result of the nil-rate threshold when buying a home being increased to £175,000, new research shows.

According to Halifax, the government's decision to increase the level at which stamp duty starts has provided a boost to many homebuyers.

It has now been around a year since the threshold was raised, but December 31st 2009 will mark the last day of the current arrangement.

Chancellor Alistair Darling announced during this year's Budget speech that the property tax holiday would be in place until the end of the year before reverting back to the previous set-up.

Private landlords buying houses for less than £175,000 will have been among the property buyers who have benefited from the change in the levy.

Martin Ellis, housing economist at Halifax, commented: "The temporary raising of the lowest stamp duty tax threshold has removed a significant number of homebuyers from the tax net."

Written by Sarah Field
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