A two-minute read.
This afternoon the Chancellor Rishi Sunak outlined his plans
to get England back on track as we come out of the pandemic.
Among furlough extensions, extra support for the self-employed
and business loan schemes was the welcome news that the stamp duty holiday is being
extended.
When it was introduced, the original deadline was March 31
2021.
Here’s what the Chancellor announced this lunchtime.
Until 30 June 2021, no stamp duty will be charged on a
residential property bought for up to £500,000.
Until 30 September 2021, no stamp duty will be charged
on a residential property bought for up to £250,000.
From 1 October 2021, the stamp duty rate returns to
pre-Covid-19 thresholds.
What it Means to Movers
For people with sales currently in our pipeline, it means
they will not miss out on the savings the holiday is providing. This is
potentially thousands of pounds and means people’s moving plans will not be
disturbed.
Mortgage Market Opened Up
There was also good news for people planning to buy a home
but struggling to save what is often a sizeable deposit.
Sunak announced a Mortgage Guarantee scheme that means
homebuyers will be able to access 95% mortgages, backed by the
Government, from High Street banks and lenders.
Lenders are being offered incentives to provide mortgages to
first-time buyers and existing homeowners, with just 5% deposits to buy homes
worth up to £600,000.
The Chancellor said: “This will give people the chance to go
from Generation Rent to Generation Buy.”
If the Spring Budget has made you want to proceed with your
moving plans, we’d love to help you.
To find out more about what the stamp duty holiday extension
and Government-backed mortgage guarantee scheme means to you, call us on 020
8989 8796
(Optional Call to Action below remove if required)
To find out more about what this means to you and your home
moving plans, call our Spring Budget Hotline on 020 8989 8796.
Thanks for reading.
*Copyright MARLBOROUGH HOMES INC LTD 2021
ENDS
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