In the last few hours, the Chancellor of the Exchequer, Rishi Sunak, has stated the Stamp Duty Holiday for Medway 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 Medway first-time buyers, the Chancellor confirmed that there will be Government guaranteed 95% mortgages available from April, on the purchase of properties up to the value of £600,000. This means Medway first times buyers will be able to buy their first home with just a 5% deposit.
Medway 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.
Medway tenants, those hardest hit with unemployment and job uncertainty, will also be pleased to hear that the Furlough Scheme will be extended to the 30th September 2021.
It is my intention to publish a greater in-depth article early/mid next week to discuss these topics and what it actually means at a more granular level for Medway homeowners, Medway property buyers, Medway tenants and Medway landlords.
If you would like a chat about the Medway property market – don’t hesitate to give me a call.
One place for more information is my Medway Property Market blog. If you are a landlord or thinking of becoming one for the first time, and you want to read more articles like this about the Medway property market together with regular postings on what I consider the best buy to let deals in Medway, then it is well worth reading. You can also email me at email@example.com
If you are in the area feel free to pop into the office which is based at Station Road, Strood, Kent, ME2 4WQ
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