Chancellor extends tax holiday as house prices continue to grow
Chancellor of the Exchequer, Rishi Sunak had some difficult decisions to make this week, and the announcement yesterday that the stamp duty holiday will be extended for another three months is great news for house sellers in Leicestershire.
For those who want to take advantage of the tax break, the news means that while you cannot sit back and relax, the extra three months can be seen as a new window of opportunity to complete your sale before the end of June.
The market has been further bolstered by the Chancellor’s mortgage announcement that should help renters buy their first home. His plans will see the Government front five percent of a home’s cost. The policy should allow lenders to offer mortgages worth 95 percent of a purchase price, up to £600,000.
Clare Phillips, Partner at Phillips George said; “This extension has given a lifeline to those who want to take advantage of the saving offered by the stamp duty holiday. But there is no time to waste. We recommend getting your house on the market as soon as possible. We are in the perfect situation for sellers with the extension and the continuing good news on the housing market growth.”
February figures saw house prices growing even faster. In February, Nationwide’s house price index recorded annual growth of 6.9 per cent, up from 6.4 per cent in January. Nationwide was surprised at the accelerated growth, and are poised to reassess their initial assessment that house prices will grow by 2% this year.
“The garden is certainly looking rosier.” Clare continues, “I am now very confident that we will have another year of strong growth in a buoyant housing market. We cannot underestimate the effect of low interest rates. The pent-up demand for housing is also playing a major role in the current market and these factors are mitigating the anticipated end of the stamp duty holiday”
Phillips George can get the best out of your property when you put it on the market. We would be delighted to chat about how we can help with your house sale.