Get invite to our events

Finance & Insurance Property & Finance Link London

Latest Budget Update

Picture of Sebastian Fuz
Sebastian Fuz 7, September 2021

In the 2021 UK Budget, announced by Rishi Sunak, the government made two significant announcements.

STAMP DUTY HOLIDAY EXTENSION

The first was an extension of the Stamp Duty Land Tax Holiday in England until 30 June 2021 and then tapered to the end of September.

This applies to people buying their main home, so it is good news for first-time buyers.

Until 30 June, buyers will pay zero Stamp Duty on residential properties of a value up to £500,000. This is slightly below the average price of a property in London (£514,000, Office of National Statistics Jan 2021) but it covers the average price paid by first-time buyers in the capital of £489,098, according to ThisIsMoney.co.uk, Jan 25, 2021. 

From 1 July until the end of September, zero Stamp Duty will apply only to properties priced up to £250,000.

From the 1st October 2021 standard rules will return, meaning zero Stamp Duty only on purchases up to £125,000.

The tables below show the rates payable in each date range

Stamp Duty payable until 30 June 2021

image (4)

Stamp Duty payable from 1 July to 30 September 2021

image (6)

Stamp Duty payable from October 1, 2021

image (2)

95% MORTGAGE GUARANTEE SCHEME

The other good news in the budget for people buying property was the introduction of a 95% mortgage guarantee scheme.

From April 2021, the government will underwrite mortgages for properties worth up to £600,000 for 95% of the value. This is to enable more people to break out of renting and to buy a property, while removing the risk from lenders. Previously, 95% mortgages were very rare and offered much higher interest rates.

 

Download the full Guide:

Moving Story. A Guide to Buying Your First House.

 

You might also like this

- September 15, 2021

You might also like this

You might also like this

Submit a Comment

Trusted by 120+ Members & Partners

Become Partner


Start Growing in the UK with PBLINK

 
You don't have to do business alone. Master the networking and get the most out of B2B tools with Polish Business Link.

Trusted Referrals

120+ Members & Partners, 3k Business Registered in database growing their business in the UK with PBLINK.

Business Network

PBLINK works with a diverse range of entrepreneurs operating in various sectors, but mostly in the Construction, Trade & IT industries.

B2B Support

At PBLINK we can produce a lead-generation plan within the our network and via resources such as Linkedin

B2B Events

Business Events in the Polish Embassy in London, Congress of Polish Entrepreneurs, Construction events and more.