What the Spring Budget Means for Homeowners in Washington

What the Spring Budget Means for Homeowners in Washington

Yesterday the Chancellor Rishi Sunak outlined his plans via his budget to get England back on track as we come out of the pandemic.

Among furlough extensions, extra support for the self-employed and business loan schemes was the welcome news that the stamp duty holiday is being extended.

When it was introduced, the original deadline was March 31 2021.

Here’s what the Chancellor announced.

Until 30 June 2021, no stamp duty will be charged on a residential property bought for up to £500,000.

Until 30 September 2021, no stamp duty will be charged on a residential property bought for up to £250,000.

From 1 October 2021, the stamp duty rate returns to pre-Covid-19 thresholds.

What this means to movers

For people with sales currently in our pipeline, it means they will not miss out on the savings the holiday is providing. This is potentially thousands of pounds and means people’s moving plans will not be disturbed.

Mortgage Market Opened Up

There was also good news for people planning to buy a home but struggling to save what is often a sizeable deposit.

Sunak announced a Mortgage Guarantee scheme that means homebuyers will be able to access 95% mortgages, backed by the Government, from High Street banks and lenders.

Lenders are being offered incentives to provide mortgages to first-time buyers and existing homeowners, with just 5% deposits to buy homes worth up to £600,000.

The Chancellor said: “This will give people the chance to go from Generation Rent to Generation Buy.”

If the Spring Budget has made you want to proceed with your moving plans, we’d love to help you.

Call us on 0191 416 99 44