With wide-ranging policies designed to support the economy through the after-effects of Covid-19, last week’s budget was one of the most important in living memory. We, of course, were especially interested to see that The Chancellor has offered additional support to the housing market. Read on to discover why now could be the perfect time to put your house on the market.
In the budget an extension to the stamp duty “holiday” was announced. Originally due to finish on 31 March 2021, the holiday which is applicable to properties worth £500,000 or less, has now been extended until 30 June 2021. Thereafter the nil rate will be set at £250,000 until the end of September, at which time it will return to the pre-pandemic nil rate threshold of £125,000. In short, this tiered return to pre-pandemic nil rate levels will enable more buyers to take advantage of potential savings which will, in turn, lead to sustained buoyancy in the market. It is also reasonable to assume that the increased demand will have a positive effect on UK house prices causing a further positive uplift in what vendors can expect their house to sell for.
With the lead times for conveyancing generally being 8 weeks plus, taking advantage of the maximum benefit nil-rate extension will be achievable but challenging so our advice is, if you want to make the most of the heightened buoyancy in the housing market, put your house on the market without delay.
The extension to the nil-rate stamp duty holiday was not the only support to the housing market that was announced in the Budget last week. Mr.Sunak also introduced a 5% mortgage scheme, whereby lenders will be able to offer mortgages worth 95% of the purchase price up to £600,000. It is hoped that this will incentivise first time buyers and encourage more people away from renting and onto the property ladder.
All in all, there are a plethora of reasons to bite the bullet and put your house on the market without delay. The lockdown restrictions are starting to lift with children having returned to school this week, the vaccination programme is smashing expectations and the country will slowly but surely open up over the coming months. Furthermore, its Spring – the time of year when we historically see a surge of interest in moving home. It seems to us that the incentives detailed in the budget are the icing on the cake, giving you even more reasons to take the leap, put your house on the market and begin your journey to finding your new home.
If you would like us to come and offer a no obligation market appraisal of your house, please give us a call on 01244 322322 or email Tim at firstname.lastname@example.org
About the author
Danielle comes from a marketing and media background, with over 20 years experience in her field which includes tenures at a number of distinguished Cheshire-based magazines and marketing agencies. Danielle has responsibility for marketing at Rickit…
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