As we ride along with the unfolding drama that the stamp duty holiday continues to provide, there have been some signs of positivity on the frontline by two key factors this past week.
Stamp Duty Extension
The first positive is that Chancellor Rishi Sunak will be extending the stamp duty holiday deadline to the end of June – a total of three months extending providing many impending homeowners with a slight sigh of relief for completion on their purchases.
With an aggressive push by agents, economists and commentators over the past few months, the extension has played as a crucial necessity to stabilize the market moving forward and reduce the risks of sales falling through in the biggest housing sale surge in recent history.
Mortgage Guarantee Scheme
Also of good news is the unveiling of a new mortgage guarantee scheme aimed at helping buyers that can only provide smaller deposits.
Rishi Sunak is set to reveal incentives to lenders which will bring back 95% of mortgages that had been scarce since the pandemic. This new scheme will not find itself restricted to first time buyers or new build homes, and will be applicable to purchases up to £600k.
The goal of realising Prime Minister Boris Johnson’s Generation Rent into Generation Buy has been a focus of the government, allowing first-time buyers to find an easier step onto the property ladder.
Whilst the pandemic was in full flow, low-deposit mortgages fell due to lender worry. With a brighter outlook and vaccines beginning to take hold of the UK outlook, HM Treasury has been in discussion with lenders to introduce the new scheme for April.
This means a great deal of positivity for those looking at how to sell a house and especially those looking to buy property in Stockport, an area that has seen a lot of growth and interest in the housing market over the last year.
For those looking for buying a property advice, this is the best and brightest news for those engaging with Joules estate agents in Stockport and the future of the housing market in the UK, as the government has a focus on continuing this level of success for the economy.