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Budget Bonus

Budget Bonus

Date Posted: 10/03/21

The Chancellor, Rishi Sunak, announced this week that the current Stamp Duty Holiday will be extended until the end of June 2021. This will bring a large sigh of relief to the many buyers and sellers who had been rushing to get their transactions completed by the previous March 31st deadline. Many of the delays experienced have been as a result of the massive up-surge in demand that the scheme has caused and, to many of the parties involved, having increased workloads at a time of trying to work with Covid restrictions.

However, if you are a new buyer looking to take advantage of the extension then you will need to move swiftly, as June is fast approaching and again there is likely to be a surge in people trying to beat the deadline and save up to £15,000 in Duty.

After the existing holiday, the Stamp Duty threshold is then reduced to £250,000 until the end of September 2021, only returning to it's normal level of £125,000 for completions from the 1st October onwards.

In addition, the Chancellor introduced Government backed 95% mortgages for not only First Time Buyers, but also those who may have had a property previously or are re-selling their existing homes. The mortgages for homes costing up to £600,000 will be available from a number of lenders from the beginning of April and will undoubtedly help those looking to get on, or move up, the property ladder.


Market Springs into Life

With Spring just around the corner, the Stamp Duty Holiday extended and a surge in demand and ample mortgage availability at historically low rates the property market looks like it’s in for a busy Spring!

If you are thinking of selling, there really hasn’t been a better time.


Congratulations!

Putterills Welwyn Garden City’s team, led by Adam Hewitt, are the proud winners of the British Property Awards Gold Award for Best Estate Agents in Welwyn Garden City. The team were judged on 25 criteria including telephone mystery shopping on 2 occasions. Adam and his team are now being entered into the regional finals so watch this space!


The Lettings Market

The Chancellor went fairly easy on landlords in this budget with no immediate change to Capital Gains Tax as many had feared. Instead, he promised to maintain the current level until April 2026 so it will remain at £12,300 for individuals. The Chancellor also extended the Universal Credit uplift of £20 a week for another six months, as well as extending the £20 a week for another six months, as well as extending the Furlough scheme to the end of September which should help some tenants, however there are calls within the industry for greater support for tenants in the UK.

ARLA Propertymark has also just released the first Private Rented Sector Report for 2021. This shows the number of new prospective tenants rose by more than 27% in January compared to December 2020, indicating no sign of demand slowing down in the Lettings sector.

This mirrors the demand Putterills’ Letting has experienced in January. Nearly all our rental properties have been snapped up by great tenants in a matter of days or even a few hours in some cases. One of the main reasons we attribute the demand for our rental stock is the professional marketing videos we produce. These can often reach thousands of local people, creating an increased demand for our rental properties.

If you are looking for advice or information regarding letting your property, please call us on 01462 419333.

We are always happy to help.

March Dates for Diary

Remember all rental properties will need an Electrical Installation Certificate completed by the 1st April 2021.


Land and New Homes

Once again, our team have been extremely active introducing land opportunities to local developers, normally previously used land or buildings, known as Brownfield to help create much needed additional homes, without putting pressure on the Greenbelt.

For details on this specialist service, please call Kane Lennon or Vaughn Duguid on 01462 453195.



The New Homes team are preparing to launch new developments which range from town centre apartments in Letchworth and Stevenage through to luxury family homes on small developments. For up to the minute information, please call the team or visit our website.


Putterills’ offices are successfully selling and letting homes in these ever changing times so why not call us now for the most up to date advice on how we can help you move and a no obligation market appraisal.