During today’s budget, Chancellor Rishi Sunak announced an extension to the Stamp Duty holiday in England and Northern Ireland provided by the Government until 30 June 2021. Currently home buyers only pay stamp duty on purchases of £500,000 or over.
Then from the 1st July 2021 to 30th September buyers will pay stamp duty on any amount over £250,000. On the 1st October the rates will return to normal starting at £125,000.
This news will be a great relief to a large number of purchasers who were trying the beat the 31st March deadline and take advantage of the SDLT holiday.
Also, the budget has brought more good news for buyers. The Government announced its intention to back mortgages for buyers with just a 5% deposit to buy properties worth up to £600,000.
The scheme will launch next month with some of the UK’s major lenders said to be offering the mortgages.
If you would like further information regarding the Stamp Duty Holiday or Government backed mortgages and how this may affect you, please contact the Residential Conveyancing Team on 01925 230 000.