March 3rd 2021 Budget
What will this mean for Estate Agency
Today Rishi Sunak announced the 2021 budget, there was plenty of positives that have been announced but the one that we have been anxiously waiting for, was around the housing market.
Stamp Duty Deadline News -
All property transactions up to £500,000 are stamp duty exempt until the 30th June 2021, extended from March 31st 2021 *
Any property purchase up to £250,000 will be exempt from stamp duty until 30th September 2021 *
Mortgage guarantee - A handful of Lenders who provide mortgages to home buyers will benefit from a government guarantee scheme, to allow first time buyers to purchase their homes with a 5% deposit, the lenders that have signed up to the scheme are
- Virgin (To follow later)
* Not for second properties or holiday homes
What does this mean to you?
If you are currently in the process of purchasing a home and was worrying that you might miss the deadline, you now have a further three months in order to complete. If you aren't on the market in Bolton yet and want to take advantage of the stamp duty deadline being extended, we recommend that you instruct an Estate Agent as soon as possible in order to find a buyer and instruct a solicitor to ensure that it completes in time for the deadline in June or September. Your solicitor will be able to advise if they will be able to assist in ensuring that they should be able to complete by the 30th June 2021.
What does this mean for mortgages?
Great news If you are a first time buyer and have managed to save a 5% deposit, the Chancellor today has announced a 95% backed government mortgage scheme, which will allow you to get onto the property ladder. The the above lenders are working with the scheme to help you secure you a mortgage of a loan to value of up to 95% and we at Roe & Co Residential Sales believe that more lenders will come to the market. Everybody's circumstances are different so we strongly recommend you discuss your situation with a mortgage broker/lender to see if you are eligible to take up this great opportunity.
Roe & Co Residential Sales Analysis
We've got to say that we are extremely excited to welcome the news that has just been brought to us from the Chancellor Rishi Sunak. The Bolton Property market has been very strong throughout the pandemic and we firmly believe with the announcement made today, that it can only continue. What we also need to take it into account, is whilst it is positive news that the lenders have come to the market with the backed scheme, we also have to bare in mind that lenders will be cautious when it comes to lending criteria & property prices. This is why it is best to speak to an experienced Estate Agent such as Roe & Co to get the best advice when it comes to buying & selling your property.
If you have any questions or comments, please email me Kate@roeco.co.uk or ring me on 01204 416 699.
If you are considering selling and would like to book a valuation, please click this link and we will be in touch shortly.