UK 2021 Budget - first time buyers have a chance to move out of renting

Government support for an extension of the Coronavirus Job Support Scheme to September 2021 and UK-wide Self Employment Income Support scheme may switch first time buyers to consider buying rather than renting their next property.

Other incentives include an extension to cut in Stamp Duty until September will support the housing market and protect and create jobs. A new mortgage guarantee scheme will enable all UK homebuyers secure a mortgage up to £600,000 with a 5% deposit*.

When the effects of the Pandemic became clear in March 2020, many professionals in the property market would never have expected growth in the UK property, quite the reverse.

This will allow the property market to continue to steam ahead, with property sales remaining strong. As a Chartered Surveyor I’m busy undertaking Building Surveys and Valuations for interested first time buyers who want to move out of rented homes and into home ownership which is always a pleasure to see.

• 2021 Budget HM Treasury Published 3rd March 2021

Stuart Scotland
11/3/21