Stamp Duty – Budget 2021
The Chancellor of the Exchequer, Rushi Sunak, as announced an extension to the Stamp Duty holiday.
The stamp duty concession will now end on 30 June, instead of 31 March.
Additionally, the nil rate band will be £250,000 until the end of September. It will return to £125,000 from 1 October.
Even with the stamp duty cut, Sunak said the cost of a deposit remained a significant barrier to first time buyers getting on the housing ladder.
Sunak announced a ‘mortgage guarantee’. Lenders who provide mortgages to homebuyers who can only afford a 5% deposit will benefit from a government guarantee on those mortgages. The chancellor said some of the country’s biggest lenders will be offering 95% mortgages from next month and more will follow shortly after.
Further details can be found via this link:
WTW Property Team
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