Bloor Homes welcomes Chancellors policies for house buyers

Bloor Homes welcomes the policies announced to help house buyers in Chancellor Rishi Sunak’s Spring Budget.

With the recovery of the UK economy very much front of mind, an extension to the stamp duty holiday until 30th of June will provide a welcome tax break for thousands of home buyers, particularly those who were struggling to complete their purchase by the original end of March deadline.

No stamp duty will be paid on properties up to £500,000 until the end of June, with that figure then decreasing to the first £250,000 of a purchase until the end of September.  This tapered extension will pave the way for a smoother return to the usual stamp duty threshold of £125,000.

As the UK prepares for the gradual lift in lockdown restrictions, it appears that house buyers have not been deterred by the pandemic.  According to UK Government figures, the number of property market transactions in January 2021 was up 24.1% on figures for January 2020. 

This lift in sales activity is certainly being seen by Bloor Homes, with some regions recording a continued rise in sales and reservations throughout lockdown.

The Chancellor also confirmed that the government will offer lenders the guarantee they need to provide 95% mortgages.

The pandemic has led to a reduction in the availability of high Loan to Value products and the scheme is designed to offer lenders the option of a government guarantee.  The mortgage guarantee scheme is for properties up to £600,000 and will be available from next month to December 2022. 

Speaking about the announcement, Mark Powell, Group Sales and Marketing Director at Bloor Homes, commented: “Housebuilding has continued to contribute to the economy throughout the lockdowns and restrictions of the last year, and Bloor Homes is very proud to be part of an industry which, as was recognised by the Chancellor, provides employment for some 240,000 people, with up to a further 500,000 in the supply chain.

“This need and demand for high-quality housing in the UK is being seen by our sales teams as more and more new buyers enter the market, alongside those who are resuming their house buying journey. 

“The announcement will certainly give many of those buyers a boost, particularly in light of the end of the Help to Buy Scheme for all but first-time buyers and will help many people take a step on or up the property ladder.”