Budget 2021: Stamp duty holiday extended and lower mortgage deposits introduced (2 min read)

In Parliament today, Chancellor Rishi Sunak announced the 2021 budget, which he called the ‘budget for recovery’. Here we take a look at what today’s budget announcement means for your home and your future plans…

· Stamp Duty Holiday Extension

As was suggested last week, today the Chancellor announced a three-month extension to the stamp duty holiday. This means that those buying a residential home that completes before the 1^st July 2021 will not have to pay stamp duty on properties valued up to £500,000. After this date, this threshold will then lower to £250,000 until the end of September, after which the stamp duty holiday will end.

For people with sales currently in our pipeline, it means they will not miss out on the savings the holiday is providing. This creates a potential saving of thousands of pounds and means people’s moving plans will not be disturbed.

· Furlough Extended

It was revealed today that there would be a five-month extension to the furlough scheme, with the scheme now ending on the 30^th September 2021. This is fantastic news for landlords who could be worried that tenants may not be able to pay their rent.

· 95% Mortgages for First Time Buyers

In addition to the stamp duty extension, today a new mortgage guarantee scheme was announced. Under this scheme, the Government will offer an incentive of providing a guarantee on 95% loan-to-value (LTV) mortgages to lenders.

Traditionally, 95% LTV mortgage deals are aimed at first-time buyers as they only require a 5% deposit, and the Chancellor stated that many high street banks will offer mortgages through this scheme from next month including Lloyds, NatWest and Santander.

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

If the Spring Budget has made you want to proceed with your moving plans, we’d love to help you.

To find out more about what this means to you and your home moving plans, get in touch or fill in your details on the "Get in touch with us" section on this page.

Get in touch with us

First Name

Last Name

Your Email Address

Mobile Phone

Are you looking to

Buy

Sell

Rent

Let

Please enter message here

Please confirm that it is okay for us to contact you about this information as well as products and services. (You will always be given the right to unsubscribe at any point in the future)

Confirm

How to Spot Your Dream Neighbourhood

Choosing a new home isn’t just about the property itself – the neighbourhood plays a huge role in your quality of life. From schools and transport links to local shops and community spirit, here’s what to look out for when deciding if an area is right for you.

CLICK HERE >

What Every Home Buyer Should Know Before Making a Move

Buying a home is one of life’s biggest decisions. Whether it’s your first purchase or your fifth, the process can feel daunting, with plenty of pitfalls to avoid. From mortgages and surveys to legal paperwork and negotiations, there’s a lot to take on board. By arming yourself with the right information and working with a knowledgeable local estate agent, you’ll be better placed to make smart decisions and find the home that truly fits your needs.

CLICK HERE >

Want to move by Christmas? The clock is already ticking

If you’re hoping to be in your new home by Christmas, time is running out. With UK sale timelines now topping 200 days from listing to completion, September may be your last chance to start the process. Here’s what you need to know before it’s too late…

CLICK HERE >

Selling Your Home This Autumn: Tips to Attract Buyers

Autumn may not be the first season that comes to mind when people think about moving, but it can be a surprisingly strong time to sell. Buyers who are still active at this stage of the year tend to be serious about completing before Christmas or the new year. With the right preparation, your home can stand out and attract motivated buyers even as the nights draw in.

CLICK HERE >