eConveyancer response to The Budget

04 March 2021

Karen Rodrigues, Director of Sales at eConveyancer, said:

“This Budget announcement demonstrates what an important role home ownership has in the aspirations and prosperity of individuals and of the country as a whole, and we are very pleased to see the government continue to support the market in the form of the mortgage guarantee scheme and the stamp duty holiday.

Whilst the mortgage guarantee scheme is a guarantee for lenders, not borrowers, it will improve the availability of mortgages for buyers with small deposits and enable more first-time buyers to take the first rung on the housing ladder where they may have other been excluded. This is important for the whole market as new first-time buyers are the engine that drives the market.

The extension of the nil rate on Stamp Duty on properties up to £500k until the end of June is also good news and will come as welcome relief for conveyancers who have been working so hard and come under so much pressure in recent months. From June until the end of September the nil rate will then apply on properties up to £250k, before returning to its normal level in October. This is a form of tapering that will help to avoid a cliff-edge in June, but the potential savings do drop considerably and so many transactions will come under pressure to complete before that first deadline. The onus will be on all parties in the process working together and, where possible, making the most of technology, to ensure that transactions are processed effectively and efficiently.”