UK Housing Market - 2021 Budget
Find out how the latest budget announcements affect you and your home…
Today, the Chancellor of the Exchequer, Rishi Sunak, has stated the Stamp Duty Holiday for properties up to £500,000 will be extended from 31st March 2021 to the 30th June 2021; and, from 1st July 2021, the Stamp Duty Holiday will apply only on properties up to £250,000 until the end of 30th September 2021.
From the 1st October 2021 Stamp Duty thresholds and levels will return to pre-pandemic levels.
To help first-time buyers, the Chancellor confirmed that there will be Government guaranteed 95% mortgages available from April, on the purchase of properties up to the value of £600,000. This means first times buyers will be able to buy their first home with just a 5% deposit.
Landlords will also be pleased there was no statement on Capital Gains Tax, although this will have to be addressed in the years to come.
Tenants, those hardest hit with unemployment and job uncertainty, will also be pleased to hear that the Furlough Scheme will be extended to the 30th September 2021.
It is my intention to publish a greater in-depth article early/mid next week to discuss these topics and what it actually means at a more granular level for homeowners, property buyers, tenants and landlords.
Our opinion is that the demand for property will explode in the coming months meaning prices are also likely to increase with properties being snapped up in double quick time.
If you would like to know more about how todays announcements may affect your property purchase or sale please get in touch using the below contact form and I can then call you for an informal chat.
Alternatively if you are thinking of selling then we can offer you a hassle free and COVID safe virtual valuation. VIRTUAL VALUATION CLICK HERE
James Burgess
Sales Director