The Chancellor, Rishi Sunak has finally announced the much-awaited 2021 budget. We’ve compiled key points that are likely to impact the property sector.
Here’s everything you need to know:
- The furlough scheme will be extended until the end of September 2021, with the government paying 80% of salary, though employers will be asked to pay towards 10% from July and 20% from August.
- Bounce-back and other coronavirus loans for businesses will be replaced by a new recovery loan scheme 80% guaranteed by the government
- The stamp duty holiday on properties worth up to £500,000 will be extended from the end of March until the end of June and after that, there will still be no duty on homes worth up to £250,000 for another three months. Thereafter the threshold will return to the usual level of £125,000 from October.
- The government will guarantee 95% mortgages to help those first time buyers who can only afford a 5% deposit