Budget 21: The Budget demonstrates the importance of home ownership

Jake Carter

March 4, 2021

Karen Rodrigues, director of sales at eConveyancer, believes the measures unveiled in the Budget demonstrates the important role of home ownership.

Rodrigues said: “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.”

In addition, looking to the stamp duty holiday extension, Rodrigues believes this will come as a welcome relief for conveyancers.

From June until the end of September the nil rate will then apply on properties up to £250,000, before returning to its normal level in October.

According to Rodrigues, this is a form of tapering that will help to avoid a cliff-edge in June.

However, she outlined that the potential savings do drop considerably and so many transactions will come under pressure to complete before that first deadline.

Rodrigues added: “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.”

Sign up to our daily email