Budget comments from Broker Conveyancing

03 March 2021

Mark Snape, Chief Executive Officer of Broker Conveyancing, said:

“In terms of the stamp duty extension, my preference would have been for the March deadline to stay in place but with a taper in place for those in the process now. This could have provided some much-needed normality for the market, although the Chancellor’s announcement seems like a pretty fair alternative. The unexpected post-June taper seems well-timed and well-considered taking the market away from the end of June cliff edge. That should provide our law firms with some much-needed breathing space, although this depends on how many are drawn into the market on the back of this announcement plus the greater availability of higher LTV mortgages.

“The mortgage guarantee scheme is also very welcome and will stimulate the market from the bottom up with a swathe of first-time buyers now being able to enter the market. All in all, the announcements will add further momentum to our already busy and resilient housing market. The Chancellor gets the importance of a buoyant housing market and how this positively impacts on the wider economy.”