Budget 2021: Stamp duty holiday extended and lower mortgage deposits introduced

Budget 2021: Stamp duty holiday extended and lower mortgage deposits introduced

In Parliament today, Chancellor Rishi Sunak announced the 2021 budget, which he called the ‘budget for recovery’. Here we take a look at what today’s budget announcement means for your home and your future plans…

·     Stamp Duty Holiday Extension
 
As was suggested last week, today the Chancellor announced a three-month extension to the stamp duty holiday. This means that those buying a residential home that completes before the 1st July 2021 will not have to pay stamp duty on properties valued up to £500,000. After this date, this threshold will then lower to £250,000 until the end of September, after which the stamp duty holiday will end.

For people with sales currently in our pipeline, it means they will not miss out on the savings the holiday is providing. This creates a potential saving of thousands of pounds and means people’s moving plans will not be disturbed.
 
·     Furlough Extended

It was revealed today that there would be a five-month extension to the furlough scheme, with the scheme now ending on the 30th September 2021. This is fantastic news for landlords who could be worried that tenants may not be able to pay their rent.
 
·     95% Mortgages for First Time Buyers
 
In addition to the stamp duty extension, today a new mortgage guarantee scheme was announced. Under this scheme, the Government will offer an incentive of providing a guarantee on 95% loan-to-value (LTV) mortgages to lenders.

Traditionally, 95% LTV mortgage deals are aimed at first-time buyers as they only require a 5% deposit, and the Chancellor stated that many high street banks will offer mortgages through this scheme from next month including Lloyds, NatWest and Santander.

The Chancellor said: “This will give people the chance to go from Generation Rent to Generation Buy.”

If the Spring Budget has made you want to proceed with your moving plans, we’d love to help you.

To find out more about what this means to you and your home moving plans, get in touch or fill in your details on the "Get in touch with us" section on this page.



Get in touch with us

Unhappy with your current letting agent? Here’s how easy it is to make a switch

If your letting agent isn’t delivering, you don’t have to stay stuck. Switching agents is easier than many landlords realise and could protect your investment long-term. Here’s how the process works, and why September is the perfect time to act.

CLICK HERE >

Congratulations – You’re Under Offer! Here’s What Happens Next

First of all, huge congratulations on going under offer! This is a big moment, and we’re genuinely delighted for you. At Greater London Properties, this is where we really shine. Getting an offer agreed is a great milestone — but the real work now begins behind the scenes to ensure everything progresses smoothly through to exchange and completion

CLICK HERE >

Valuing London Properties: The GLP Approach

Valuing properties in London is part art, part data science, and part instinct built on years of doing the job, street by street. At Greater London Properties (GLP), we know that no two homes and no two sales are ever the same. And that's especially true in a market as fragile and nuanced as different parts of London.

CLICK HERE >

Is It Time to Downsize? Key Signs to Watch For

Downsizing can be a smart move at the right time—but how do you know when that is? This guide highlights common signs that it might be time to consider a smaller home and the benefits it can bring.

CLICK HERE >