As we all know recently it was announced by the chancellor in the recent budget that the stamp duty holiday will be extended for a period of time. Statistics state that this will help approximately 234,000 buyers and a total saving of £1 billion if all these agreed transactions complete by the end of June.
However, there is a further extension for the first £250,000 meaning a percentage of these 234,000 buyers have until the end of September to complete their transaction. This also applies to anyone who starts the purchasing process today.
It goes without saying that the main people to benefit from this extension are the buyers saving the large sums of money. However, other people who will be breathing a sigh of relief are solicitors/conveyancers. Up until the recent announcement solicitors all over the Country had been under immense pressure meet the original deadline of the 31st March. However, is it likely that come the end of June the pressure will still be there, especially if the market remains as buoyant as it is.
As well as extending the stamp duty holiday the government also introduced measures to guarantee more 95% loan to value mortgages available to buyers. Their main objective behind this was to help first time buyers who only have a 5% mortgage to get onto the property ladder. When covid-19 first hit the Country these type of mortgages were withdrawn from a large percentage of lenders basically overnight, which basically dashed a lot of peoples dreams about getting onto the ladder. This will for sure stimulate the market and keep it strong for months to come.