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FANTASTIC BUDGET FOR MOVERS

Will you benefit from the budget announcements?  

Rishi Sunak has confirmed the Government will extend the stamp duty holiday until the end of September. He also announced that first-time buyers would get a "government guarantee" on mortgages, with a deposit of 5%. 

Both measures are excellent news and will help buyers and sellers already moving home. It is also ideal news for all property owners who have been watching and waiting for more clear signals on the property market's direction.

Stamp Duty Extension

The Chancellor announced that the up-to-£500,000 "nil-rate band" will be extended beyond March to the end of June. It will then be tapered until September. Consequently, until 30 June 2021, no stamp duty will be charged on the first £500,000 of a residential property. This covers the majority of houses and flats in the UK.

Furthermore, until 30 September 2021, no stamp duty will be charged on the first £250,000 of a residential property.

Our advice to all movers. "Please continue to push for your completion date, just in case any issues arise during the legal stages that could cause delays. However, you should take the announcements as welcome news, particularly if you budgeted to pay Stamp Duty and now find you no longer need to. The extra funds can now be used for home-furnishings or perhaps a well-earned holiday."

The Government's Stamp Duty Calculator is a helpful tool for buyers interested in residential and investment properties.

5% Deposit for First-time buyers

In addition, the Chancellor announced first-time buyers would benefit from a “government guarantee” on mortgages, with a deposit of 5%. The aim is to stimulate the housing market, get more younger people onto the housing ladder, and increase property transactions.

The Chancellor will incentivise lenders to provide mortgages to first-time buyers and existing homeowners, with just 5% deposits to purchase properties worth up to £600,000.

Whether the measures introduced by the Chancellor affect you directly or not, putting a positive spotlight on the property market is excellent for everyone. Buyers, sellers, even renters, Plus all the supporting industries that surround the moving process. The public's appetite to move home is always there; this positive news will release everyone into action.

For information about the March 3rd Budget and how you will benefit, contact us today.

 

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