The warning came from the National Association of Estate Agents today.
Commenting, Peter Bolton King, chief executive of the NAEA said: “From March 2012 the holiday is well and truly over for first-time buyers. Once the Government ends the tax exemption, FTBs will face a tax of 3% on all home purchases over £250,000.
“With many first-time buyers trying to purchase their first home before the tax exemption deadline, our members will be working closely with those first-time buyers who are able to purchase before March 2012 to guide them through a difficult and challenging market place.”
