3 March 2021
Alex Mackay, Managing Director of Mishon Mackay – a Sussex-based estate and letting agency with eight offices covering Sussex and London – reflects on today’s Budget from Chancellor Rishi Sunak.
He says: “It is good news to hear that the Stamp Duty Holiday will be extended until June 30th. I’m sure that this will provide relief for many currently in the process of selling and buying and it will offer a new lease of life for those who were thinking about selling as property demand is so high.
“The Stamp Duty Holiday helped hundreds of thousands of people buy a home and at the start of this year the market remained resilient. In recent weeks there has been a slowdown in new properties coming to the market. This has almost certainly been as a direct result of a resignation that the Stamp Duty Holiday had pretty much closed for new transactions. The Chancellor’s statement today now extends the current opportunity of making your sale and completing before the 31st of March until the end of June, thereby taking full advantage of the cash savings on offer courtesy of the SDLT Holiday. I expect to see a surge of new properties coming to the market over the coming weeks. It’s also great news that the main lenders have apparently already got behind the new Mortgage Guarantee Scheme for first-time buyers. This will undoubtedly help a large number of first-time buyers looking to take their first step onto the property ladder.
“On the South Coast we have seen a large number of enquiries coming from people who are looking to sell homes in cities and large towns and make the move to more rural areas. With flexible working set to take hold, demand for properties near the sea, near the South Downs, and with garden space, have risen as well as properties that have flexible space to be used for offices.”