In what is set to be positive news for landlords currently buying or set to buy property, the reduction of stamp duty land tax is set to be extended until September.
In an announcement made as part of March’s Budget, the reduction in stamp duty rates initially announced in May 2020 will continue until the end of June 2021, with a lowered reduction remaining until the end of September.
This will come as a welcome relief to the estimated 100,000 buyers who were expected to miss out on a substantial tax saving, as well as to landlords who were planning to expand their housing portfolio.
Given that letting agents in Romford had noticed house prices in the region had increased by 4 per cent over the prior year, a potential saving would be beneficial in market conditions that have been somewhat unique, to say the least.
It is unclear whether the transition from the reduced reduction to standard stamp duty rates will be as sudden as the planned 31st March cliff edge was, or whether there will be a tapered reduction to allow a little leeway.
As well as this, business rates will be reduced entirely until the end of June 2021, allowing businesses that had struggled during the last year some breathing room as the country reopens.
Mrtgage loans are also set to be available with just a 5 per cent deposit, although this may not apply to buy-to-let properties.