Spring Budget: What does it mean for the Property Market?
Video: Spring Budget & The Property Market
Yesterday, the UK Chancellor, Rishi Sunak gave the Property Market some great news about the Stamp Duty Holiday Extension (till June 30th) and the Government backing 95% loans for First Time Buyers.
What does it mean for property prices? The property market certainly got a boost and activity levels have been the highest in years after the original Stamp Duty Holiday announcement last year. This is now likely to continue for a few more months. If you were thinking of buying, there is still time to take advantage of this saving.
Some people criticize that the Chancellor decided to ‘give away’ money to the Property Market, but in my opinion, doing so is acknowledging the important role property plays in the economy.
Both news will benefit buyers and would-be buyers, but also banks, real estate agents, solicitors, surveyors, interior designers, architects, etc. at a time that the economy certainly needs a boost.
Ps: Note that Stamp Duty will still increase for Non-Resident Buyers from April 1st. An extra 2% to the existing 3% surcharge.
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