Budget 2021: Property

Stamp Duty

A tapered extension of the stamp duty holiday until 30 September, helping more people to purchase their homes before the deadline and supporting jobs.

Thresholds

The threshold is where SDLT starts to apply. If you buy a property for less than the threshold, there’s no SDLT to pay.

The current SDLT threshold for residential properties is £500,000. This changes on 1 July 2021.

The threshold for non-residential land and properties is £150,000.

Property purchases from 1 July 2021 to 30 September 2021

The SDLT thresholds will be:

  • £250,000 for residential properties
  • £150,000 for non-residential land and properties

The threshold for residential properties will change on 1 October 2021.

Property purchases from 1 October 2021

The SDLT thresholds will be:

  • £125,000 for residential properties
  • £150,000 for non-residential land and properties

These thresholds are the same as they were before 8 July 2020.

First-time buyers

From 1 July 2021, you’ll get a discount (relief) that means you’ll pay less or no tax if both the following apply:

  • you, and anyone else you’re buying with, are first-time buyers
  • the purchase price is £500,000 or less

You’ll also be eligible for this discount if you bought your first home before 8 July 2020.

Full details can be found here.

The mortgage guarantee scheme

The government has announced a new mortgage guarantee scheme to support a new generation in realising the dream of home ownership. This will increase the availability of 95% Loan-to-value mortgage products, enabling more households to access mortgages without the need for prohibitively large deposits. The document’s first section introduces high loan to value mortgage lending and the role of the mortgage guarantee scheme, the second section gives an overview of trends in high loan to value lending and the third section outlines how the new mortgage guarantee scheme will work.

Full details of this scheme can be found here.