Understanding the Chancellor’s Budget Announcement
What does the Chancellor’s Budget Announcement mean for Homeowners, Home Buyers and those in the Property Industry?
The announcement
The Chancellor Rishi Sunak has now outlined his plans to get England back on track financially as we seem to be coming to the end of the chaos caused by the COVID19 pandemic.
Whilst the Chancellor’s announcement included many initiatives to help the country financially; such as support for those self-employed and furlough scheme extensions, he notably mentioned that the stamp duty holiday is to be extended well into 2021, and mortgage incentives.
Stamp duty extension
In 2020, when the COVID pandemic first hit, we welcomed the initial stamp duty holiday; enabling those purchasing properties to avoid having the additional charge of stamp duty added on to the property cost. The original deadline was set to 31st March 2021.
Chancellor Rishi Sunak has now announced an extension of two parts:
There will be no stamp duty paid on residential properties under £500,000 until 30th June 2021.
There will be no stamp duty paid on residential properties under £250,000 until 30th September 2021.
The extension will end on the 1st October 2021, when stamp duty rates are set to return to pre- COVID19 thresholds.
This means that if you have a sale being processed with us at Green and Parry, you will be able to get the holidays from the Stamp Duty holiday extension.
Mortgage Incentives
The Chancellor also announced help for those struggling to save enough to purchase a property with the introduction of the Mortgage Guarantee scheme.
The Mortgage Guarantee scheme enables homebuyers to access 95% mortgages from banks and lenders; with the support of Government incentives for those providing such mortgages.
The Mortgage Guarantee scheme enables those purchasing a property to need only a 5% deposit for homes worth up to £600,000.
How we can help
Contact our dedicated and supportive team and Green and Parry for more information on how the Chancellors announcements can help you buy your dream property.
Email us at: info@greenandparry.com
Call us on: 01932 351 986
Visit us at: www.greenandparry.com
For more information on the whole budget announcement click here.