Fantastic news for homebuyers – Well done Chancellor Rishi Sunak

The Stamp Duty Extension will ensure that there is sufficient time for buyers to complete their transactions without feeling under pressure and will give solicitors a little breathing space too.

There is also a helping hand for first-time homebuyers.

From 1^st April 2021 banks will be offering 95% mortgages which will be supported by a government-backed guarantee.  This means only a 5% deposit will be required and furthermore, this is not limited to first time buyers or new build homes only as the eligibility criteria allows for current homeowners too. There is however a limit of up to £600,000

This offer does not appear to be available to Buy to Let investments.

Enabling first-time buyers to get their foot on the property ladder will bring new nourishment that will benefit the wider housing market as a result. Although this is a welcome outcome to the challenging last 12 months we must remain mindful that this potential surge in demand may lead to over-inflated house prices.

For any questions please contact our experienced conveyancing team at Gregory Abrams Davidson Solicitors on 0808 1685457 or fill out our online enquiry form to get in touch.