Chancellor Alistair Darling (pictured) has announced that properties worth £175,000 and less will be exempt from stamp duty.

The new measure will apply to transactions with an effective date on or after September 3, 2008 and before September 3 2009.

The Chancellor's announcement came as the Government prepares to launch a series of measures aimed at helping the ailing housing market.

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These measures will include a shared equity scheme to help first-time buyers get onto the property ladder, while a mortgage rescue scheme will be launched to offer families struggling with mortgage payments the opportunity to sell their home and rent it back.

The announcement of the measures follows Mr Darling's claim that Britain is facing its worst economic crisis for 60 years.

House prices are reported to be falling at the fastest rate since the early 1990s, while recent figures have showed that the number of repossessions rose to their highest level for 12 years, earlier this year.

See: Partnership Scheme To Aid First-Time Buyers

(KMcA)