Budget 2021: Good news for the property market!
It’s good news for both buyers and sellers in the 2021 budget!
The Chancellor announced in the 2021 Budget that the stamp duty holiday, originally due to end on 31st March, will be extended until the end of June 2021, which means that buyers won’t pay any stamp duty when buying a property up to the value of £500,000 before 30th June. Stamp duty will then taper off, with the nil rate band extending to properties up to the value of £250,000 until 30th September. After that, it will return to its pre-Covid threshold of £125,000 which means that, from 1st October 2021, stamp duty will be payable on all properties above £125,000 once again.
There’s more good news for buyers who’ve been struggling to save the deposit required by most high street lenders. A new mortgage guarantee scheme is launching in April 2021 which will allow people to purchase homes worth up to £600,000 with a 5% deposit.
The housing market has remained buoyant through the lockdowns, thanks in no small part to government incentives, so it’s an encouraging sign that they are not only being extended but enhanced as well. If you’re looking to buy or sell in Plymouth and the surrounding area this year, call us to get moving.