The stamp duty holiday on house purchases has been extended for a further three months, Chancellor Rishi Sunak announced in his Budget.

The tax break, on the first £500,000 of all sales in England and Northern Ireland, will now continue until 31st June 2021. From 1st July the nil rate band will be set at £250,000 until the end of September.

Rishi Sunak said: “the extra move was to smooth the transition back to normal – and we will only return to the usual level of £125,000 from October 1”.

The change to the scheme which began in July 2020 proved to be a hit with many property buyers and sellers – and was a much needed tonic to a sector hit badly by the pandemic.

It is not too late for those who were stuck in the middle of the buying and selling process and thought they had missed out on this deal. For advice about mortgages, loans and insurance get in touch with Walker Beckett. We would love to help.

Read more > Stamp duty holiday extended to end of June – BBC News

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Despite the setbacks that the Covid-19 pandemic has caused to many businesses and economies it seems the housing market has boomed during this time.

Encouraged by that extra time to think about what you really want in a house many changed preferences have led to increased demand for a new home. Policy changes have encouraged this – the furlough and Self Employment Income Support Scheme have given a boost to many, alongside the Stamp Duty holiday and measures to reduce the cost of borrowing money.

Check out this article by the BBC which highlights in more detail how the housing market has ended with ‘a bang and not a whimper’ in 2020.

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Strong housing market as activity remains higher than first predicted during October

A market report from Royal Institution of Chartered Surveyors (RICS) reveals the UK housing market performed better in October than widely expected. Another strong month of activity looks favourable for the coming season.

However, according to the data, this may not last as the longer-term outlook for sales remains subdued, with the difficult economic backdrop expected to weigh on activity once government furlough scheme and other support are withdrawn early in the new year.

Looking at new buyer enquiries, a net balance of +46% of respondents cited an increase in demand at the headline level during October. This marks the fifth consecutive positive monthly reading, following the lockdown induced slump seen earlier in the year. Although the most recent figure is a little more modest compared to those posted over the previous four months, it remains consistent with solid momentum behind buyer demand nonetheless.

Jeremy Leaf, a former RICS residential chairman, says: “…the market quietened down a little towards the end of October/early November. However, it has picked up again quite noticeably in the past few days as the prospect of a vaccine has improved. On the ground, we are seeing more buyer and seller determination to get deals done in order for both to take advantage of the stamp duty holiday.”

Find out more from an article by Property Reporter >

Don’t hesitate to contact Walker Beckett Mortgages today to discuss any aspect of house buying and selling. We would love to help. For more advice about mortgages, loans and insurance get in touch with us.

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There is no doubt that this season has changed our lives in so many ways.

Time in lockdown and more time actually being in our houses and gardens has made us rethink what we want from them.

This fascinating article by Love Property outlines some expert predictions about how these changing times and our changing priorities might affect what we look for in a property, and how this may drive the housing market in the near future. Read more from Love Property >

Don’t hesitate to contact Walker Beckett Mortgages today to discuss any aspect of house buying and selling. We would love to help. For more advice about mortgages, loans and insurance get in touch with us.

Disclaimer: Please be aware that by clicking on to the above links you are leaving Walker Beckett Mortgages website. Please note that Walker Beckett Mortgages nor HL Partnership Ltd are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

Following coronavirus restrictions the housing market is the busiest it has been for quite a while!

A cut in stamp duty amongst other things has led to enquiries being ‘through the roof’. For some the lockdown season has enabled them to rethink their life and housing priorities, for others the chance to get going with ‘normal’ life again has led to a surge in demand.

Check out this article from the Guardian which outlines some more facts and figures regarding the market boom we are in. Read more from the Guardian >

Don’t hesitate to contact Walker Beckett Mortgages today to discuss any aspect of house buying and selling. We would love to help. For more advice about mortgages, loans and insurance get in touch with us.

Disclaimer: Please be aware that by clicking on to the above links you are leaving Walker Beckett Mortgages website. Please note that Walker Beckett Mortgages nor HL Partnership Ltd are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.