|March 19, 2021||No Comments|
Chancellor of the Exchequer Rishi Sunak, pictured, has announced a series of measures which are aimed at boosting the property market across the UK. Here Maunder Taylor, who as part of their services run an estate agency for both residential and commercial properties in Totteridge, Whetstone and the surrounding area, outline some of the key moves which are aimed at getting more people on the property ladder – and helping those who may be in financial difficulties because of the coronavirus pandemic.
Stamp duty was originally only paid on properties costing £125,000 or more. However, last summer the Government increased the threshold so it applied to home sales of £500,000 and upwards. This tax break was due to end on 31 March 2021, but Mr Sunak announced in the Budget that it will now end on 30 June 2021.
After this date, the starting rate of stamp duty will be payable on property sales in excess of £250,000 until the end of September 2021. The duty will then return to the usual level of £125,000.
Starting next month, the Government has announced that it will effectively act as a guarantor for lenders who offer mortgages to people who can only afford a 5% deposit. This pledge will only apply to homes valued at £600,000 or less.
Some of the major mortgage lenders – including Lloyds, NatWest, Santander, Barclays and HSBC – are due to launch new 95% mortgage products in the next few weeks. Others are expected to follow suit.
The Chancellor also announced the creation of a new national Infrastructure Bank, to be based in Leeds. Although many of the details are unclear, it could have a localised effect on the commercial property market, depending on what types of projects it helps to fund. Its brief is to concentrate on ‘green’ developments in the fields of renewable energy, storage and transportation, and to provide low-rate loans to mayors and councils to fund projects.
The bank will receive an initial capitalisation of £12billion and is expected to support at least £40bn of investment in infrastructure projects. It may help offset the funding which was previously provided through the EU, but which is now no longer available following the UK’s departure.
If you are looking to buy or sell a property in Totteridge, Whetstone, Potters Bar and the surrounding area, then Maunder Taylor are independent estate agents who can offer so much more than just helping you to agree a price and exchange contracts.
You can also come to us if you need a valuation survey carried out or any other legal requirements, such as the drawing up of an Energy Performance Certificate.
If you are interested in commercial property investment in North London, we have an extensive database so we can find the right premises for you, whether you want to invest directly, or would prefer to spread the risk by becoming a shared investor with other individuals. We will also assist with arranging your insurance, guaranteeing that you aren’t exposed to too much risk.