In the last few hours, the Chancellor of the Exchequer, Rishi Sunak, has stated the Stamp Duty Holiday for Portsmouth 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 Portsmouth 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 Portsmouth first times buyers will be able to buy their first home with just a 5% deposit.
Portsmouth 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.
Portsmouth 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 Portsmouth homeowners, Portsmouth property buyers, Portsmouth tenants and Portsmouth landlords.
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