St David's Day
The UK is gearing up for a strong economic rebound, bolstered by key policy decisions that are set to influence the property market and regional development. From the extension of the furlough scheme to the establishment of new governmental bodies in Northern cities, here's an overview of the most significant updates:
A Swift Recovery
The economy is forecast to bounce back to pre-pandemic levels by the middle of 2022, largely due to government interventions, including the furlough scheme which has now been extended until the end of September. This move demonstrates a commitment to stability and job protection as the nation rebuilds.
Stamp Duty Holiday Extension
A vital part of the property landscape, the current Stamp Duty Holiday, has been extended to the end of June. Following this, there will be 0% taxation payable on main residences up to £250,000 until the end of September. This generous extension offers buyers a potential saving of up to £2,500, energising the market at a critical time.
New Mortgage Guarantee Scheme
For existing homeowners and first-time buyers, the introduction of a new mortgage guarantee scheme enabling access to 95% mortgages for properties costing up to £600,000 is a significant boon. Given that 9 in every 10 sales are below this figure, the scheme promises to make homeownership more accessible for many.
Stability in Taxation
Despite some anticipations, the Chancellor made no changes to Capital Gains Tax, and there were no specific announcements affecting landlords and tenants. This decision adds an element of certainty to an already dynamic property market.
Supporting Regional Centres
The establishment of Treasury North in Doncaster and the National Infrastructure Commission in Leeds marks a clear policy shift to support regional centres. These moves signal a balanced focus on growth and development, extending beyond the capital.
These collective measures point to a bright horizon for both the UK economy and the property market. As a leading estate agent in Warwickshire, specialising in selling homes across the region, I'm here to assist you with your property needs. Feel free to call me on 07864 942 768 or email me at email@example.com.
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