Stamp duty axed below £175k

Stamp duty is to be axed for a year on properties costing less than £175,000 as part of a package of measures being unveiled to help the housing market.

The level at which the 1% purchase tax has to be paid is to be increased from £125,000, from Wednesday morning.

The move - which applies to residential property - would save someone buying a £175,000 property £1,750.

Other measures aimed at boosting the market include "free" loans of up to 30% for first time buyers in England.

Households earning less than £60,000 will be offered loans free of charge for five years on new properties, co-funded by the state and developers.