Breaking News: More property cooling measures announced!

A fourth set of property cooling measures was announced by the Government today.

From tomorrow (14th January 2010):

• The holding period for imposing Seller's Stamp Duty (SSD) is raised to 4 years from the current 3 years.

• The SSD rates will be raised to 16 per cent, 12 per cent, 8 per cent and 4 per cent of consideration for residential properties which are bought on or after Friday, and are sold in the first, second, third and fourth year of purchase respectively.

• The loan-to-value limit is reduced from 70% to 60% for individuals with one or more outstanding housing loans at the time of the new housing purchase.

More details tomorrow...

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