Budget Breakdown and what it means for Homeowners and Buyers

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Yesterday the Chancellor Rishi Sunak outlined his plans to get England’s economy back on track. We were delighted to see that the property market was included in his budget, with the Stamp Duty holiday being extended until the 30th June providing some relief to people buying and selling homes.

Here is a brief outline of what was announced:

  • Until 30th June 2021, no stamp duty will be charged on a residential property bought for up to £500,000.
  • Until 30th September 2021, no stamp duty will be charged on a residential property bought for up to £250,000.
  • From 1st October 2021, the stamp duty rate returns to pre-Covid-19 thresholds

What this Means for Movers

For people with sales currently in the pipeline, and waiting to exchange and complete, it means that they won’t miss out on the savings the holiday is providing. Saving potentially thousands of pounds for the buyers.

Government 95% Mortgage Guarantee Scheme

There was also good news for all homebuyers buyers trying to get on the market, but struggling to save the deposit.

The Chancellor announced a Mortgage Guarantee scheme for homebuyers to apply for 95% LTV mortgages, backed by the Government, from High Street banks and lenders.

The scheme is available from April, with just 5% deposits to buy homes worth up to £600,000.

The Chancellor said: “This will give people the chance to go from Generation Rent to Generation Buy.”

For further information or if you have any questions, please don’t hesitate to call our team.