The Stamp Duty holiday is extended and 5% deposit mortgages announced by the Chancellor
The Chancellor Rishi Sunak has announced in the budget that the up-to-£500,000 "nil-rate band" for Stamp Duty will finish at the end of June, rather than the end of March, as originally proposed. In addition, no stamp duty will be levied on a residential property purchased before 30 September 2021, where the sale price is below £250,000.
The Chancellor confirmed that first-time buyers will get a “government guarantee” on mortgages, with a deposit of 5%. Many big lenders are already backing the scheme, according to the Chancellor. The new Mortgage Guarantee Scheme is designed to help more first-time buyers onto the housing ladder.
Jon Summers, Partner and Head of Agency says “ this is welcome news for the many people who are in the process of buying homes, especially first time buyers, and takes the pressure off conveyancers and everyone involved in the house buying process. Mortgage brokers, removal firms and estate agents have a little more breathing space to ensure that sales are made and completed in good time.
“We have a lot of clients who have been awaiting the decisions in the budget and we now anticipate more properties now being launched to the market”.
If you are considering selling your property, please get in touch with our experienced agents in your local office.