What does the Spring Budget mean for homeowners across Lancaster & Morecambe?

The stamp duty extension date for properties up to £500,000 is now June 30th

The stamp duty extension will be a great relief to the many buyers and sellers who are already going through the sales process.  There were fears that many house sales would not complete by March 31st, leaving thousands of property transactions in the balance across the UK including a number in Lancaster and Morecambe.   The new deadline is now June 30th.  This also takes some pressure off the many conveyancing solicitors who were already feeling the pressures of extra workloads.

No stamp duty for properties up to £250,000 until September 30th

Rather than abruptly end the stamp duty holiday,  the chancellor has opted to taper out the stamp duty holiday which means for approximately 80% of all Lancaster and Morecambe home movers there will be no stamp duty to pay.   For all other home movers, you will only pay a reduced level of stamp duty, a saving of £2500. 

95% Government-backed mortgages

A big announcement in the budget that will help many people wanting to get moved is the 95% government-backed mortgage.  This will be available to any home mover (not just first-time buyers ) from April onwards and is available on all properties up to £600,000.   Initially, these loans will be available via HSBC, Barclays, Lloyds and Santander.  It is thought other lenders will start to offer it later on.   This will help many people who wish to buy rather than rent get on the housing market with a much smaller deposit and also help others move up the property ladder. 

Has the Spring Budget helped with your moving plans?  Spring is always a great time to move and with lockdown restrictions easing it looks like it could be a very busy Summer in the Lancaster and Morecambe housing market.

If you would like to chat about this and how it could help your moving plans,  please call us on 01524 843322 or email me at michelle@jdg.co.uk

Thanks for reading

Michelle x