UK Budget 2021
What the Budget means for Estate Agents and Home Movers – an update from Propertymark.
Chancellor Rish Sunak delivered his Budget to the commons on 3rd March 2021, outlining his plan for the UK economy over the next year. There were several key elements that will affect the housing market and also how we operate as an estate agent.
As a direct result of the hard work our members have put into our property tax extension campaign, the Chancellor has listened and implemented a tapered end to the stamp duty holiday.
The nil rate band up to £500,000 will end on 30 June, instead of March. A transitional nil rate band up to £250,000 will be in place until September and then return to £125,000 from October.
The extension to the end of June, followed by the transition to the end of September, is much needed to help prevent sales falling through as the initial deadline approaches. Propertymark is also urging the Governments in Scotland and Wales to follow the UK Government’s lead on this.
Thank you to all of our members who joined the campaign, contacted their MPs and helped us get the message out, this is a great result for the sector.
Support For First Time Buyers
The UK Government has also listened to our calls to introduce more support for first-time buyers with a new mortgage guarantee scheme which will encourage lenders to offer 95 per cent mortgages.
This will help first time buyers tackle the issue of deposits, which is often the first hurdle that prevents them getting on the housing ladder.
See the full update from our Professional Body here;