Budget 2021 - Stamp Duty extension until 30 June
Many buyers, in the process of buying their next home, will be relieved that the Stamp Duty holiday has been extended from 31 March to 30 June 2021. The Stamp Duty holiday, which saw the nil rate rise to £500,000 has helped keep the property market moving, but many have been panicking that their sale would not complete in time.
Rishi Sunak explained, “the cut in Stamp Duty I announced last summer has helped hundreds of thousands of people buy a home and supported the economy at a critical time. But with the sheer volume of transactions we are seeing, many new purchases won’t complete in time for the end of March.”
The extension means that you now have until 30 June to complete your property purchase.
From the end of June Stamp Duty will reduced to a nil rate band of £250,000, before it returns to the original threshold on 1 October.
The Government also announced today that as of next month, many buyers will be able to take advantage of 95% mortgages. The new Government-backed Help To Buy mortgage scheme has already seen many high street lenders sign up. It will help all home buyers who are purchasing properties under £600,000.
If you’re hoping to take advantage of the Stamp Duty Holiday Extension and your home is not on the market yet, get in touch so we can get you moving. There has never been a better time to sell.