Mr Sunak confirmed: So, due to the sheer volume of transactions we re seeing many new purchases won t complete in time for the end of March. So I can announce today. The £500,000 nil rate band will not end on the 31st of March, it will end on the 30th of June, then, to smooth the transition back to normal. The nil rate band will be £250,000, double its standard level, until the end of September, and we will only return to the usual level of £125,000 from October 1.
In responding to the announcement, Francesca Carlesi, the Co-founder and CEO of Molo Finance, had the following to say: The extension is a responsible move by the Government.
While it is not clear yet exactly what the Chancellor is planning to offer in next week’s Budget, property is expected to be a big focus.
While many are calling for an extension of the stamp duty holiday and mortgage payments holiday, there is one policy he is expected to announce in a boost for first time buyers.
Mr Sunak is expected to unveil plans to help first-time buyers get onto the property ladder with a new mortgage guarantee scheme.
The proposals will help people to buy properties up to £600,000 with deposits of just five percent.
Will Rishi Sunak extend mortgage holidays as chancellor expected to unveil 5% mortgages? (Image: GETTY)
THE STAMP duty holiday deadline is fast-approaching with Britons up and down the country rushing to complete their transactions before March 31. However, new research has revealed that the the stamp duty holiday rush has seen many Britons sell their homes without providing the legal paperwork proving that all the work done to their property was legally approved.
THE STAMP duty holiday has meant many Britons have saved thousands buying homes during the pandemic. However, with the stamp duty holiday deadline looming, many buyers are now rushing to complete their transactions. Here s how you can speed up your property sale before the SDLT deadline.