News
Budget 2021: Stamp duty holiday extended / Government backs 95% mortgages
Chancellor Rishi Sunak's extension of the stamp duty holiday on properties of up to £500,000 for a further three months will be well received by property buyers, and further boost the market.
The 'offer' runs until 30 June, then applies only on properties up to £250,000 until the end of September. So the pre-Covid level of £125,000 isn't likely to return until October.
Buyers can save as much as £15,000 on a purchase price of £500,000 and with lockdown showing signs of easing and the early summer months often a favourite time for property hunters, it's likely to be a busy time for buyers, sellers...and estate agents.
There is the prospect too of the Government 'tapering' the arrangement at the end of the window to avoid last minute deals missing out.
Sunak said, "The cut in stamp duty I announced last summer has helped hundreds of thousands of people buy a home and supported the economy at a critical time. But due to the sheer volume of transactions we're seeing, many new purchases won't complete in time for the end of March."
There's full information about Stamp Duty Land Tax here
95% mortgage loans available from April
More good news came with the Chancellor further enticing first-time buyers into the market by announcing the availability of 95 per cent mortgage loans on property purchases up to £600,000 - buyers needing to find just a 5% deposit.
The team at Changing Home will be pleased to further explain your stamp duty queries and we can help you find the mortgage deal right for you. Call us on 01244 345664 or email glenda@changing-home.co.uk
