Good news for house buyers announced in the budget as the Stamp Duty holiday on house purchases in England and Northern Ireland is extended to 30 June 2021, with no tax liability on sales under £500,000. After this date, there will be a new zero rate threshold of up to £250,000 until the end of September when it will return to £125,000.
This is clearly good news for those on the early rungs of the property ladder who can save as much as £15,000 on a property purchase of £500,000. The spring property market is likely to be busy thanks to this extension although buyers are advised to act quickly to ensure they can complete in time.
Other news from the budget will benefit those who can’t afford a large deposit as a new government backed 95% mortgage scheme has been announced. This scheme isn’t restricted to first time buyers and will be available to all buyers of properties costing up to £600,000.
Whilst there is certainly a lot of good news here for homebuyers there is still the issue of a shortage of properties on the market in certain areas here in the South East. Buyers are advised to widen their search areas to help them to secure a property and to make use of the support on offer from the government.
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