2021 Budget boost for the housing market…

posted in: Broomhead & Saul | 0

The Chancellor, Rishi Sunak, presenting the 2021 budget has just announced the continuation of the existing reduced rate of Stamp Duty Land Tax. The increased threshold will continue until the end of June 2021 for properties in England and Northern Ireland valued up to £500,000, with a tapered reduction thereafter until 30 September, before returning to the former threshold of £125,000. House price inflation seems destined to increase, at least in the short term.

Mr Sunak has also announced a mortgage guarantee scheme under which the government will underwrite homebuyers taking out mortgages with a 5% deposit.

The Furlough scheme has also been extended, until 30 September, however employers will be required to pay an increased proportion of wages in July and in August. Corporation Tax is set to rise from 19% to 25% in 2023.

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