Stamp Duty Holiday Extended

As part of the UK Budget this week, the government announced positive news for home buyers and for those who thought they had missed the opportunity to take advantage of the Stamp Duty Holiday which was due to expire on March 31 2021.

The Stamp Duty Holiday has been extended 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.

The news will come as a relief to buyers and sellers who have been desperately trying to get their sale completed in time to meet the previous deadline of 31st March 2021.

It will return to the usual threshold of £125,000 on 1st October 2021. Mortgage Incentives

In more good news, first-time buyers will get a “government guarantee” on mortgages, with a deposit of 5%.

The purpose is to stimulate the housing market and encourage younger people onto the housing ladder and increase property transactions. The chancellor will incentivise lenders to provide mortgages to first-time buyers and existing homeowners with just 5% deposits to purchase properties worth up to £600,000.

If you were considering buying or selling, now is the perfect time, please reach out to our team today for more details about the stamp duty holiday extension and to connect with a mortgage advisor, call the Crouch End office 020 3000 6787.

Team DA