Extension to stamp duty holiday is great news for Portsmouth house buyers
News that the Chancellor Rishi Sunak has extended the Stamp Duty holiday until the end of September, will be welcomed by house-buyers in Portsmouth currently waiting for their transactions to complete.
The Chinneck Shaw team has seen vigorous sales activity as a result of the incentive and the extension will allow even more people to make the move.
Manager Lizzie Burt explained the stamp duty holiday had been really effective in supporting the housing market during the pandemic.
She said: “The announcement today will be welcome news for many who are currently in the process of buying and will prompt others, who feared they had missed their chance, to make a move.
“This will bring more properties to the market, which will be appreciated by everyone. We’ve seen unprecedented demand for properties as a result of the Stamp Duty holiday and people wanting a lifestyle change as a result of the lockdown.”
The Chancellor announced that the up-to-£500,000 “nil-rate band” for stamp duty will finish at the end of June, rather than the end of March, as planned. It will then be tapered until September.
No stamp duty will be charged on a residential property bought for up to £500,000 until June 30 2021 - the vast majority of houses and flats in the UK.
Until 30 September 2021, no stamp duty will be charged on a residential property bought for up to £250,000.
The announcement came at the same time as the Chancellor said he would also be introducing a government guarantee on mortgages.
Buyers with a 5% deposit would be able to access 95% mortgages from next month, he said.
Lizzie added: “This is just the sort of positive news we were hoping for and will encourage more people to make the move in the coming months.
“We have seen brisk business being done in Portsmouth, with people moving into the area attracted by the location and the latest news from the Chancellor can only help to stimulate even more families to look for a new home.”