Welcome to the March 2021 Property Market Comment:
Fortunately for the property market, there was no immediate bad news in the budget this week.
In a nutshell, nine months ago, the government sought to bolster the economy in Wales by helping the property market, by the temporary removal of Land Transaction Tax (Stamp Duty) on a property purchase up to £250,000. That concession was due to end on 31st March. The deadline has been extended in Wales until 30 June. In order to benefit, the transaction must complete before 1st July 2021 (the new deadline).
So that’s really good news for the property market and we expect this to herald what is already looking like a very busy spring and summer market ahead of us.
This Government clearly believes in home ownership and especially helping first time buyers get on the property ladder. As we know, high property prices have made that difficult, due to mainly young people requiring large deposits of maybe 10% of the property’s value. So the government will now be guaranteeing the loans of banks that are prepared to lend to any buyer with just a 5% deposit. So that’s 95% mortgages available once more, up to £600,000.
Interest rates, for the time being, remain incredibly low and the government is controlling unemployment by extending the furlough scheme until the end of September when most businesses are expected to return to pre-pandemic levels of employment.
Britain has proved once again that we are extremely good at weathering storms, as proven by our amazing vaccine roll-out programme, confidence levels are already beginning to improve.
We have very high hopes for the rest of this year, so if you’re contemplating a move during 2021, now would be an excellent time to take action.
Why not call us for a confidential initial discussion on potentially marketing your property on:
#Holyhead 01407760500
#Llangefni 01248751000
#Bangor 01248355333
#Caernarfon 01286677775
#Property Management 01248724040
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