Today is the stamp duty holiday deadline day.
Introduced in England and Northern Ireland by the chancellor, Rishi Sunak, in July 2020 buyers pay no stamp duty on the first £500,000 of the purchase price, provided the purchase completes before the end of June.
The threshold at which stamp duty begins in England and Northern Ireland is falling to £250,000 on 1 July. In September it returns to the pre-pandemic level of £125,000. However First–time buyers can purchase homes costing up to £300,000 without incurring stamp duty from 1 July.
The stamp duty holiday combined with other factors has created a buoyant property market, and new data from Nationwide suggests that house prices have risen at the fastest pace in 17 years!
It is said that Britain’s housing market has been boosted by the extension of government tax breaks for homebuyers and an exit from big cities such as London, with movers seeking more space and leafier locations after the experience of working from home during the Coronavirus pandemic.
With demand pushing house prices to all-time heights, mortgage lenders have found themselves in a rate war, reducing rates across residential and buy to let mortgage products, so much so that mortgage rates are now close to all-time lows.
What does this mean for you?
With mortgage rates low, this is a perfect time to consider purchasing a new home, switching products or releasing equity through a competitive remortgage deal. We encourage you to schedule a call with our experienced mortgage brokers who are available to help you explore the options available. Call us today on 020 3645 4322 or email us at firstname.lastname@example.org