Latest News from the Chancellor Rishi Sunak regarding housing updates:
- The Stamp duty holiday which was due to end on March 31st will now be extended until 30th June 2021. This means the nil rate band will remain at £500,000 until the end of June.
- The Nil rate band will then be reduced to £250,000 until 30 September 2021. After this the nil rate band will return to the original £125,000.
- The government also announced the introduction of a new mortgage scheme to begin in April 2021 which will help first time buyers and homeowners access 95% mortgage.
- The scheme will be available for new mortgages up to December 2022 and will allow people with a 5% deposit to purchase homes up to £600,000.