Today, Chancellor Rishi Sunak has unveiled the contents of his Budget in the House of Commons.
Setting out the government’s tax and spending plans for the year ahead, he announced new measures to help businesses through the pandemic and to support the UK’s long-term economic recovery.
Here is a summary of the key points impacting the housing sector.
The current £500,000 nil rate band for Stamp Duty Land Tax has been extended through to end of June 2021 (an additional 3 months). This nil rate to then apply to properties up to £250,000 through to end of September 2021.
First Time Buyers
First Time Buyer’s are to get a government backed guarantee on mortgages with a 5% deposit. These 95% mortgages will be available from April 2021 on properties up to a value of £600,000 and are backed by the big lenders.
Busniess Rates Holiday
Extended through to the end of June 2021.