This week Rishi Sunak, Chancellor of the Exchequer delivered the 2021 Budget in Parliament. There was some big news for the property market including 95% mortgages and Stamp Duty Holiday extension. Leo Hickish, Chairman at Batcheller Monkhouse comments on the recent news below.
“I am not sure quite how enthusiastic I am about the Stamp Duty Holiday extension. Certainly this concession has boosted the residential property market here in the South East. The fact that the £15k saving is masked by price increases of up to 10% locally perhaps was not what was anticipated by the Chancellor – it was no surprise to us however. We now also have support measures for 95% mortgages. This will again drive up demand and prices. Where there is a total lack of joined up thinking is on the fundamental issue of Supply of New Homes. Through no fault of the house builders or landowners not enough stock is coming to the market. Why is that? In simple terms, a broken planning system. I can name schemes totally over 1,500 houses in one District alone where S106 agreement completions have delayed delivery by 12 months” Leo Hickish, Chairman.
Read more about the Stamp Duty Holiday Extension here.
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