Chancellor Rishi Sunak has announced some positive news for the housing market within the 2021 Budget. The property market which is already buoyant will now have a further opportunity to continue to flourish over the coming months.
The stamp duty holiday deadline of the end of March for purchases up to £500,000 has been extended until the end of June 2021 and purchases will continue to be free of stamp duty tax until that date. For purchases up to £250,000 the deadline has been extended even further until the end of September 2021. Please note that the 3% stamp duty penalty will still be payable for buyers with multiple properties.
The Government are also setting up a scheme whereby they will offer Mortgage Lenders a guarantee to help provide mortgages at 95 per cent, both for first time buyers and current homeowners, meaning buyers will only need to find a 5% deposit to purchase. At present most first time buyers are having to find a much higher deposit so this will be a welcome relief to them. This scheme will be available for properties up to a value of £600,000. The Chancellor has confirmed that the new scheme will be made available to lenders as soon as next month on residential mortgages.
If you would like to speak with one of our Residential Conveyancing Team to discuss a quotation for a sale or purchase please do not hesitate to contact us on 01384 811811 or email our Head of Residential Conveyancing Belinda Hill at b.hill:waldrons.co.uk
