09/03/21Stamp Duty Holiday Extended!
There was fantastic news for home buyers in the recent budget with the announcement that the Stamp Duty holiday has been extended for three months. It was due to end on 31 March but will now continue until 30 June.
This means that there is no Stamp Duty payable on the first £500,000 of a property sale.
From 1 July, the starting rate of Stamp Duty will be reduced to £250,000 and this arrangement will remain in place until the end of September. From 1 October the Stamp Duty threshold will return to the original level of £125,000.
Buyers can now save as much as £15,000 if buying a property priced at £500,000 or more.
Another helping hand for home buyers was also announced by the Chancellor, Rishi Sunak. From April of this year a new ‘mortgage guarantee’ will be introduced whereby the government will provide a guarantee to lenders offering mortgages to purchasers with a deposit of just 5% on homes with a value up to £600,000.
It is understood that Lloyds, NatWest, Santander, Barclays and HSBC will be offering 95% mortgages from April, with other lenders expected to follow suit.
We would love to help you to find your new home so that you can take advantage of these opportunities as well as Help to Buy for first time buyers purchasing at Priors Orchard in Southbourne where we have a limited number of homes available for a June completion – don’t miss out, contact the Sales Office on 01243 790581 and speak to Caroline.
We have two properties remaining at our Maddoxwood development in Chichester – click here for details of The Spinneys and Coppice House, impressive three-bedroom homes in a sought after location.
You can also click here and complete the contact form indicating which development you are interested in and we will be in touch.