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Budget 2021 and The Housing Market

2021 BUDGET AND THE HOUSING MARKET

 

STAMP DUTY

 

The Stamp Duty holiday has now been extended to the relief of many buyers. We think this holiday has given a much needed confidence boost after the housing market went into full closure at the start of the UK national lockdown in March 2020.

 

This extension will help those currently in a transaction but also those who are still looking to buy and complete before summer. So now The Government have officially extended the Stamp Duty holiday until the end of June, purchasers still have this exemption on purchases up to £500,000. 

 

For those on buy-to-let or second, third, fourth home purchases, nothing changes for you guys! The 3% surcharge is still in place. 

 

Once this holiday ends Stamp Duty will return to a threshold of £250,000. However, good news for First Time buyers, you guys are still exempt from Stamp Duty on purchases up to £300,000.

 

MORTGAGE GUARANTEES AND 95% MORTGAGES

 

95% mortgages have always come with apprehension, but the Government backed scheme is exciting news for those who have struggled to get on the housing ladder until now. 

 

This new scheme comes with a price cap of £600,000 and are not restricted to new builds and first time buyers. Some of the lenders who have partnered with the Government on this are Barclays, NatWest and HSBC.  (Disclosure, we are not accredited to give financial advice, please speak to your bank, lender or mortgage broker first).

Source Director

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