Budget News - Stamp Duty holiday extension is announced and further good news for first time buyers!
After much speculation in the media and backed by a fierce cross-party campaign, Chancellor Rishi Sunak has finally delivered on the rumoured extension to his zero rate Stamp Duty holiday.
To avoid simply moving the cliff-edge along, the Chancellor has tapered the end of the scheme by extending it as it stands (with no Stamp Duty payable up to £500,000) until June 30th, after which time, the nil rate band will drop to £250,000, before finally ending the holiday on 30th September. The pre-Covid Stamp Duty rates will be reintroduced on October 1st 2021.
This extension will bring much-needed clarity to the thousands who are in the middle of property transactions and will bolster confidence in the market.
Despite the Stamp Duty holiday extension stealing the headlines in this afternoon's budget, the other major announcement for the property market was the confirmation of the new mortgage guarantee scheme, which will encourage lenders to offer 95% mortgages. The proposed mortgage guarantee scheme for those able to save up a 5% deposit, which is almost identical to the previous Help to Buy mortgage equity scheme, will start on April 1st. The scheme will aim to offer incentives that have been wiped out during the pandemic and will allow first time buyers and current homeowners to purchase properties up to £600,000 with a 5% deposit.
The Ruislip market remains busy and we expect that in the light of today's announcements, this is set to continue.
If you are thinking of selling or letting your property then please click here to book your no obligation market appraisal https://gibsonhoney.co.uk/book-a-valuation/