Designed to ease the financial pressures associated with purchasing a property; under the terms of the new deal, Halifax will pay half of any first time buyers or homemovers stamp duty bill, reducing a buyer's costs by up to £1250.
Recent research from Halifax shows that nearly half of all homemovers paid between £125,000 and £250,000 for a home in the first quarter of 2012.
There were significant regional variations with two out of three homemovers in East Anglia and the South West purchasing a property between £125,000 and £250,000. At the other end of the spectrum, only 39% of homemovers in London purchased within this range.
Stephen Noakes, mortgage director, Halifax said:
"Buying a home is one of the most expensive purchases many will ever make and the costs associated can place an extra burden on homemovers. Many initiatives have been launched over the last 12 months that are solely aimed at first time buyers, but more needs to be done to help movers across all rungs of the ladder, which is crucial in the creation of a vibrant housing market.
"We have seen over the last two years that support provided to buyers has a positive impact, with the stamp duty exemption helping over 40% of first time buyers. We're keen to assist homemovers to purchase their next home, and support with their stamp duty bill does just that."
