Wed 01 Feb 2023
Chancellor’s budget statement brings good news for home movers, says Connells
Estate agency Connells welcomes the recent announcements featured in the Government's spring budget, where Chancellor Rishi Sunak set out some important new plans for the housing industry, including changes to Stamp Duty Land Tax and mortgages.
As of July 2020, the stamp duty threshold - the level at which home buyers start paying the tax - was raised from £125,000 to £500,000, meaning no Stamp Duty Land Tax (SDLT) is paid on all house purchases under £500,000. This has cut the average stamp duty bill by £4,500, with nearly nine in 10 homebuyers set to pay none at all. Due to the success of this initiative, the holiday has now been extended from 31st March to 30th June, with a tapering for house purchases under £250,000. At the end of September 2021 this will return to the original threshold of £125,000 and under only.
The Chancellor has also confirmed that there will be government-guaranteed 95% mortgage loans available from April, on the purchase of properties up to the value of £600,000, for first-time buyers, and existing homeowners. This means that homebuyers who can only afford a 5% deposit will not be turned away by lenders, as they previously have been in the last year.
“The SDLT holiday extension and government-guaranteed 95% mortgage loans will be of great assistance to the housing market and home movers, who may otherwise have felt priced out of the market or faced delays in their transaction,” says David Plumtree, Connells Group Estate Agency Chief Executive. “Both initiatives will certainly be a boost to market activity, as well as buyer confidence, and are fantastic news for first-time buyers and existing homeowners alike. Our team of advisors are here to help as many customers as possible to benefit from these amazing opportunities, so please do get in touch.”
To find out more about SDLT, mortgages and the local market, or to arrange a free market appraisal on your home, please contact your local Connells branch.
- ends-
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU RE-MORTGAGE.
A BROKER FEE MAY BE PAYABLE UPON MORTGAGE APPLICATION AS WELL AS AN ADMINSTRATION FEE. THE TOTAL FEE PAYABLE WILL DEPEND ON YOUR CIRCUMSTANCES. YOUR MORTGAGE ADVISER WILL EXPLAIN ANY FEES APPLICABLE IN YOUR INITIAL APPOINTMENT.
Connells Residential is registered in England and Wales under company number 1489613, Registered Office is Cumbria House, 16-20 Hockliffe Street, Leighton Buzzard, Bedfordshire, LU7 1GN. VAT Registration Number is 500 2481 05. For activities relating to regulated mortgages and non-investment insurance contracts, Connells Residential is an appointed representative of Connells Limited which is authorised and regulated by the Financial Conduct Authority. Connells Limited’s Financial Services Register number is 302221.
SIMILAR ARTICLES
Mon 02 Jan 2023
Connells appoints new Divisional Managing Director, Adrian Pitt
READ ARTICLESun 01 Jan 2023
Connells helps to raise almost £70,000 for Mind in 2022
READ ARTICLEWed 16 Nov 2022
Boxing Day is the gift that keeps on giving Connells
READ ARTICLETue 08 Nov 2022
Connells welcomes Land & New Homes Managing Director, Jason Willetts
READ ARTICLETue 01 Nov 2022
Connells launches homes at Hawkins Court
READ ARTICLEFri 14 Oct 2022
Connells launches virtual viewings at Barrelmans Point
READ ARTICLEFri 23 Sep 2022
Stamp Duty cut is welcome news, says Connells
READ ARTICLEFri 26 Aug 2022
Connells launches Shared Ownership Hub
READ ARTICLEThu 11 Aug 2022
Connells appointed to sell new homes at Hawkins Court, Northampton
READ ARTICLEWed 27 Jul 2022
Phase one at Belgrave Village almost sold out, says Connells
READ ARTICLETue 14 Jun 2022
Connells appointed to sell new homes at Somerfield Terrace, Maidstone
READ ARTICLEThu 19 May 2022
Get your house royally ready for a Connells Open House event this Platinum Jubilee weekend
READ ARTICLEThu 12 May 2022
Paul Dubberley in Great Bridge offering help to first-time buyers
READ ARTICLEWed 27 Apr 2022
Connells launches next phase at the Nightingales
READ ARTICLEMon 21 Feb 2022
Housing market set to bloom this spring, says Connells
READ ARTICLEFri 07 Jan 2022
Luxury new homes just launched in Herefordshire
READ ARTICLEWed 05 Jan 2022
Connells helps to raise £40,000 for Mind in 2021
READ ARTICLEFri 12 Nov 2021
Get ready for the Boxing Day Boom, says Connells
READ ARTICLEThu 28 Oct 2021
Autumn Budget 2021 – What announcements were made for the housing industry?
READ ARTICLEThu 21 Oct 2021
Landlords: Don’t get caught out in the cold this season
READ ARTICLETue 19 Oct 2021
Connells’ Louise Jacob named Best New Build Broker
READ ARTICLEMon 26 Jul 2021
Connells Crawley launches show homes at Zurich House
READ ARTICLEFri 16 Jul 2021
Connells to recruit 135 apprentices across its network
READ ARTICLEFri 16 Jul 2021
One home remaining at Fincham Place, says Connells
READ ARTICLEWed 30 Jun 2021
Connells launches new luxury apartment development, Aspire
READ ARTICLEFri 21 May 2021
First chance to buy a piece of history at The Gothic, in Birmingham’s Jewellery Quarter, says Connells
READ ARTICLEChancellor’s budget statement brings good news for home movers, says Connells
READ ARTICLEChancellor’s budget statement brings good news for home movers, says Connells
READ ARTICLEDon’t miss out on one of the busiest times of the year, says Connells
READ ARTICLEHOUSING MARKET NOT AFFECTED BY NATIONAL RESTRICTIONS
READ ARTICLEPrestigious Nightingale Quarter in Derby
READ ARTICLEStamp Duty cut is welcome news for the housing market, says Connells
READ ARTICLEConnells reopens its branches to the public
READ ARTICLENew Show Homes at The Nightingales, says Connells
READ ARTICLEConnells announces new homes available at Sandstone Court
READ ARTICLEChancellor’s budget statement brings good news for home movers, says Connells
READ ARTICLEChancellor’s budget statement brings good news for home movers, says Connells
READ ARTICLEConnells Canterbury announces The Laurels show home launch
READ ARTICLEConnells Land & New Homes welcome Patrick Addison
READ ARTICLEConnells announces new charity partnership with Mind
READ ARTICLELocal agent Sophie Mann returns to Connells Malvern
READ ARTICLEConnells launch new show home at The Nightingales
READ ARTICLEConnells Rayleigh welcomes new lettings team
READ ARTICLEConnells Land & New Homes welcome Jamie Snell to the team
READ ARTICLECHOOSE Connells TO SELL YOUR PROPERTY
GET A FREE VALUATION