3 March 2021
IN his Budget today (Wednesday, March 3, 2021), the Chancellor of the Exchequer, Rishi Sunak, made a number of important announcements key to the continued confidence in the UK residential property market.
- A continuation of the Stamp Duty Holiday until June 30, 2021, on all property purchases up to £500,000. In addition, there will be no Stamp Duty charged on residential properties bought for up to £250,000 until the September 30, 2021.
- 95 per cent mortgages for first-time buyers, and existing homeowners, to buy properties worth up to £600,000.
Nick Simpson, Linley & Simpson Co-founder and Managing Director, said: "The property industry was badly hit during the first national COVID-19 lockdown, and the Stamp Duty Holiday which Mr Sunak announced last June was a welcome shot-in-the-arm.
"It is clear that he has listened to the concerns of the residential property industry, and today’s Stamp Duty Holiday extension, plus 95 per cent mortgages, will particularly benefit first-time buyers and those looking to move in the next few weeks."