How the budget is a big positive for the property market.

 

Many people looking to move will be extremely pleased to hear that the stamp duty holiday for homes under £500,000 in England and Northern Ireland has been extended to the end of June, as expected, and applied to sales of up to £250,000 until end of September meaning the pre-Covid stamp duty rates will therefore be reintroduced on October 1st 2021.

 

Rishi Sunak has also announced in yesterday’s budget that the proposed mortgage guarantee scheme for those with a 5% deposit, which is similar to the previous Help to Buy mortgage equity scheme, will start on April 1st.

 

Why is this a positive for the property industry? 

 

1. The stamp duty extension will allow those with transactions going through to take advantage of the holiday 
2. Anyone looking to move now also have the opportunity to save with the holiday extension 
3. First time buyers and those with a 5% deposit have a better chance of securing a mortgage 

 

Everything has a knock on effect and with the 5% deposit scheme, this will allow more first time buyers to step onto the property ladder which in turn, allows those who are looking to upsize move onto their next chapter of their lives as well as having the added benefit of the potential stamp duty holiday. 

 

For more information on today’s budget, feel free to call one of our team members