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2021 Budget Changes Explained

Published: 07/03/2021 By Gillian Boden

The chancellor of the exchequer Rishi Sunak has made a number of announcements in the 2021 budget this week which are designed to continue the strong activity levels in the property market and to help First Time Buyers get on the property ladder.

Stamp Duty
The UK government announcing a stamp duty holiday extension until Wednesday 30th June 2021 confirmed what has been widely reported over the past few weeks. Not only will the extension from the original end date of 31st March 2021 entice more people into moving but will also help the thousands of people who are currently embroiled in the house sales backlog to get their sale completed. This extension will ensure the vast majority of current buyers will secure the savings that are enabling them to move whilst at the same time it will tempt more people to get moving now.

Tapered Stamp Duty Relief
In addition to an extension to current The Stamp Duty Holiday, the Chancellor has also introduced a tapering of the relief with a zero rate of Stamp Duty from 1st July 2021 until September 2021 on the first £250k of any purchase. This will provide everyone a £2,500 saving on purchases at or above £250k until September 2021.

The Mortgage Guarantee & What it means to you….
All UK Buyers including First Time Buyers with a 5% deposit can take advantage.
Applies to all house purchases (not just new build homes)
Numerous high street banks and lenders have already have signed up to the scheme (HSBC, Barclays, Natwest and others)

Available from April 2021 on purchases up to £600,000.
On a £600,000 purchase, a 5 % deposit will mean finding a £30,000 deposit as opposed to the more standard minimum 10% deposit of £60,000. That’s a massive saving of £30,000.
At present it is not known what interest rates these 95% mortgages will be charged at. However the fact that numerous high street banks/lenders are getting involved in the scheme will create competition and in turn should keep the interest rates charged competitive.

What To Do Now?
If you’re a Current Homeowner thinking of moving…..
If you are looking to take your next step on the property ladder now’s the time to take advantage of the likely increase in potential buyers. It’s vital that you secure good financial advice starting with, an up-to-date sales or lettings valuation on your property. We can help………
BOOK A VALUATION With Househandlers

What To Do Now?

If you are a First Time Buyer……
If you’re looking to get on the property ladder for the first time, there’s never been a better time. Make sure you get the right advice. Get in touch we can arm you with the right information to help you find your perfect property.