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Stamp duty holiday extended

There were some pretty big announcements for the property market in yesterday's Spring Budget, so decided to give you a quick summary which we hope you find useful:

The Chancellor, Rishi Sunak has announced that the Stamp Duty Holiday for the sale of properties up to the value of £500,000 will be extended from 31st March, to the end of June 2021. Then in order to ensure there isn't  a cliff edge, from 1st July 2021, the Stamp Duty Holiday will be tapered and will only apply on properties up to a value of £250,000 and this will finish at the end of September . 
So from the 1st October 2021 Stamp Duty thresholds and levels will return to pre-pandemic levels.

Government guaranteed 95% mortgages
To mainly help first-time buyers, the Chancellor confirmed that there will be Government guaranteed 95% mortgages available from April, on the purchase of properties up to the value of £600,000. This means first time buyers will be able to buy their first home with just a 5% deposit. 
Boris Johnson has said that he wants “generation rent to become generation buy”, but the new mortgages will not be solely available for first-time buyers. The 95 per cent mortgages will be available to all buyers of properties costing up to £600,000. According to a study by Rightmove, this accounts for 86% of all homes currently up for sale in the UK.

Good news for landlords too

Landlords will also be pleased there was no statement on Capital Gains Tax, although this will have to be addressed in the years to come.

Furlough scheme extended

Tenants, those hardest hit with unemployment and job uncertainty, will also be pleased to hear that the Furlough Scheme will be extended to the 30th September 2021.

Whitton & Laing Estate agents Exeter & Exmouth