stamp duty

If you’ve been following news of the Chancellor’s latest budget today, you’ll know about the proposed Stamp Duty Holiday extension- but if you missed it, we thought we’d explain what today’s budget announcement means for those looking to buy and/or sell this year.

Following Rishi Sunak’s announcement, the stamp duty holiday extension for house buyers is being implemented for a further three months until the end of June.

Purchases up to £500,000 will continue to be free from the tax – and homes bought up to a value of £250,000 until the end of September.

The Chancellor has also confirmed a new scheme to provide mortgages to homebuyers who put forward only a 5 per cent deposit, with a government guarantee.

“A policy that gives people who can’t afford a big deposit the chance to buy their own home,” he told MPs. “As the prime minister has said, we want to turn generation rent into generation buy.”

This news will undoubtedly be good for the property market, and will enable an estimated 160,000 UK property sales to continue that were stuck in limbo and at risk of falling through without the extension.

Here at Bromley Property Company we have many potential buyers on the hunt for their perfect home in the Bromley area, so if you’ve been waiting for today’s news and are now considering selling, why not contact us for a no-obligation valuation?