On Wednesday, 3 March 2021, the Chancellor, Rishi Sunak, delivered his second Budget as the rollout of the coronavirus vaccine across the UK gives hope of a return to some degree of normality during 2021. He announced new measures to help businesses and jobs through the pandemic and to support the UK’s long-term economic recovery and a series of tax-raising plans to help rebalance the public finances.

Key announcements on Stamp Duty and Mortgages

  • The Chancellor announced an extension to the stamp duty holiday in England and Northern Ireland until the end of June on properties worth up to £500,000. This relief will be reduced to the first £250,000 of a purchase until the end of September, before returning to its pre-pandemic level of £125,000 from the start of October.
  • 95% mortgages will be guaranteed by the Government. This means first-time buyers should get a wider choice of mortgages that require a deposit of just 5% of the loan. This will be available when buying properties worth up to £600,000.