Stamp duty holiday extended and a new scheme for first-time buyers

3rd March Update: Stamp duty holiday extension and new first-time buyer scheme.

Chancellor Rishi Sunak has just announced that the stamp duty holiday – which has helped many people save on moving throughout the pandemic – is being extended under the same terms until the 30th June 2021. This means you still won’t need to pay stamp duty on all homes purchased up to £500,000 (based on your circumstances).

Rishi Sunak explained that: “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 due to the sheer volume of transactions we’re seeing, many new purchases won’t complete in time for the end of March.”

Going further, from July until September the stamp duty holiday will cover homes up to £250,000, which is more than we expected. That’s still double the pre-COVID threshold for paying stamp duty, so this is welcome news indeed.

But that’s not all.

The Mortgage Guarantee Scheme for first-time buyers

The Chancellor also announced a new Mortgage Guarantee Scheme for first-time buyers. It’s designed to help people get on the property ladder with just a 5% deposit on all properties up to £600k, not just new builds like the outgoing Help to Buy scheme. The Government is working with lenders like Lloyds, Santander, Barclays and HSBC to provide the remaining 95% mortgage from April, so this is an opportunity many can take advantage of very soon.

We’re waiting for more information on the scheme, so we’ll share the full details soon.

What does the stamp duty holiday mean for you?

It means you’re guaranteed to save money on your next property purchase. So, if you’re looking to move right now, it’s fantastic news.

Here’s an idea of what that saving might look like

If you buy a property before June 2021:

  • On a property purchase of £300,000, you could now save £5,000*.
  • At the top end of £500,000, you could save £15,000.

As savings differ depending on circumstances such as whether this is your main residential property or for personal or commercial use, you can use the HMRC calculator to check what your savings would be.

* If you’re a first-time buyer, you save £10,000. First-time buyers pay no stamp duty on property purchases up to £350,000.

Don’t miss out on this huge opportunity to save

What would you do with that £15,000? A new kitchen? New conservatory?

If you’re thinking about moving home in the near future, there has never been better time.

We have 605 available properties up to £500k right now (3rd March 2021) to choose from – take a look!

If you’d like to discuss your property options, understand the impact this announcement will have on you or arrange a free valuation on your property, call your local Michael Jones office and we’ll match you with your stamp duty free dream home. Our team are ready to help you.

 


Content accurate at time of publishing.

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