Budget March 2021 – Housing Market
Chancellor Rishi Sunak set out his plans for the housing market as part of today’s budget. Here is a summary of the key points:
- Current SDLT holiday extended until the end of June – no SDLT to pay on houses up to £500,000
- Between 1st July 2021 and 30th September, home buyers only start to pay SDLT on the amount that they pay for the property above £250,000
- On the 1st October, rates return to normal, staring at £125,000.
This is excellent news for sellers/buyers currently involved in the process and for those thinking of making a move this year.
Rishi Sunak also announced a mortgage guarantee scheme that means homebuyers will be able to access 95% mortgages that will be underwritten by the government. Lenders will be offered incentives to provide mortgages to first time buyers and existing homeowners with a 5% deposit, on properties worth up to £600,000.
If today’s announcement has made you think about making a move, why not give our team a call on 01606 74301?