Lifeline for Cornwall House Buyers & First-time Buyers
In the last few hours, the Chancellor of the Exchequer, Rishi Sunak, has stated the Stamp Duty Holiday for properties up to £500,000 will be extended from 31st March 2021 to the 30th June 2021 and to ensure we don’t have a cliff edge, from 1st July 2021, the Stamp Duty Holiday will apply only on properties up to £250,000 until the end of 30th September 2021.
From the 1st October 2021 Stamp Duty thresholds and levels will return to pre-pandemic levels.
To help first-time buyers, the Chancellor confirmed that there will be Government guaranteed 95% mortgages available from April this year, on the purchase of properties up to the value of £600,000. This means Cornwall first times buyers will be able to buy their first home with just a 5% deposit.
Cornwall based Landlords will also be pleased there was no statement on Capital Gains Tax, although this will have to be addressed in the years to come.
