It was good news twice over for estate agents today when Rishi Sunak’s much-anticipated Budget announced an extension to the Stamp Duty holiday and help for First Time Buyers in the form of a guaranteed 95% mortgage much like the Mortgage Help to Buy Scheme of 2013.
If you didn’t notice Estate Agents cartwheeling in joy, well this would only be because the policies were largely briefed before the official announcement. But they should be. Budgets of old would be used to take out heat from a market that is as (surprisingly) buoyant as this mid-Covid one.
The Stamp Duty extension was perhaps only fair, to help buyers who were set to miss out on £1000’s saved because of delays caused by lack of staff at solicitors and surveyors and also because the market, in general, is just so busy.
If you want to take advantage of the stamp duty extension but are struggling to sell your property quickly, get in contact.
The 95% mortgage guarantee will be welcomed by first-timers who otherwise might have little hope of being able to save tens of thousands for a deposit – often made worse by having to find sky-high rent while they save. There is a but...
The last Help to Buy scheme helped set of big rises in prices. Just 8 years ago, an average home would set you back around £170,000. Today its more like £250,000. That’s £10,000 a year increase - so new buyers will want to jump on to the market quickly.
Jonathan Rolande, Director at House Buy Fast commented “The Chancellor has had it tough during his tenure but I welcome much of this Budget. There is targeted help for business, employees and the property market whilst resisting the urge to increase taxes that could suffocate the recovery before it has begun.”
And what of the property market?
“My main worry is that the market will be too busy and could overheat. I hope buyers and lenders take a balanced view – slow and steady wins the race!
However the market and the next decade work out, we at House Buy Fast are here for the long haul and we are here to help you with your quick property sales.
What do you think of the 2021 budget, let us know in the comments.