We are delighted by Wednesday's news that the Chancellor, Rishi Sunak has given a boost to home owners and first-time buyers by announcing an extension to the stamp duty land tax (SDLT) holiday.
This has been a welcome relief to many of our clients, especially those who are half way to moving home in the W12 and W6 area. The sales team at Kerr and Co has applauded this move as it has reassured the strong property market and prevented a series of either re negotiations or at worst sales from falling through.
In his Budget speech, the Chancellor announced that the current tax break for homebuyers in England and Northern Ireland will be extended until 30 June and then tapered from 1 July until 30 September. What was even more welcome was the fact this boost is open to new sales rather than existing, so those looking to buy now can take advantage of this window of opportunity to help them take their next steps to home ownership.
Rishi Sunak also promised to unlock homeownership for first-time buyers, by launching a scheme in which the government will guarantee 95% mortgages to help people on to the property ladder. He also pledged to make low-deposit mortgages more widely available by introducing a new mortgage guarantee scheme will enable all UK homebuyers secure a mortgage up to £600,000 with a 5% deposit.
We await further details on this from the Government in due course. For more information on the budget and how stamp duty is calculated - click on the following links
In the meantime if you would like more information on How this stamp duty extension can benefit your next move or would like a free valuation please contact a member of our sales team on 0208 743 1166
Chris Kerr | Kerr & Co | 020 8743 1166