Stamp duty holiday extended and lower mortgage deposits introduced
As expected, the Chancellor, Rishi Sunak, has announced in the Budget that the Stamp Duty Holiday will be extended from March 31 to June 30 2021.
Less anticipated is the announcement that the nil rate threshold will continue up to £250,000 until the end of September which is great news for first time buyers and others looking to purchase.
If you buy a property which is over £250,000, you will still make a saving of £2,500 on the first £250,000 of the property price. Meaning what you pay on stamp duty will still be drastically reduced!
This means that the Stamp Duty holiday on properties up to £500,000 will continue until the end of June and beyond that for properties up to £250,000 until the end of September.
First time purchasers get the benefit of a higher tax free threshold, £300,000, from the 1 July.
The Prime Minster has also said he wants ‘generation rent’ to become ‘generation buy’ and Chancellor Rishi Sunak has announced a new mortgage guarantee scheme with 5% deposit in the Budget to help first-time buyers.
The Chancellor said “Owning a home is a dream for millions and we want to help as many people as possible.”
The PM added “Young people shouldn’t feel excluded from the chance of owning their own home and now it will be easier than ever to get onto the property ladder.”
If you are a first time buyer and want independent mortgage advice and further information about the 5% deposit scheme, Flagstone Financial, Beresfords' Financial division, have friendly qualified advisers on hand to help you.
With 22 buyers per property on the market, now's the time to take advantage of this amazing level of activity. Book your free valuation today.