BUYDespite rumours of what Rishi Sunak planned to announce, it was a welcome relief to hear the Chancellor’s confirmed plans for the property market – and his announcement is already encouraging home movers to progress their plans.
The first clear benefit comes in the form of the stamp duty holiday extension. Buyers and sellers who have not completed their transaction can breathe a sigh of relief, as they now have until 30th June 2021 to complete and enjoy a saving of up to £15,000.
The stamp duty holiday extension is, in fact, in two parts. Until 30th June 2021, the first £500,000 of a property purchase will be stamp-duty free. Between 1st July and 30th September 2021, the discount changes and zero stamp duty will only apply to the first £250,000 of a property purchase. After then, normal stamp duty rates will resume.
There are over 6 clear months to come to market, complete and make a substantial stamp duty saving on an onwards purchase. So, if you’re sitting on the fence about selling – now is the time to make your move.
In other Budget news, those with low 5% deposits will be able to apply for a home loan as soon as April 2021, with the Chancellor announcing a new range of ‘Government guaranteed’ mortgages. Instead of stopping short at helping just first-time buyers, all buyers with a 5% deposit will be able to access the scheme. Well known High Street lenders have already signed up, although there is a caveat – the purchase price must not exceed £600,000.
If you’d like to take advantage of what is already being billed as the ‘spring property surge’, get in touch with Aspire today.
