Double boost from from the Chancellor - Blog

Double boost from from the Chancellor

Double boost from from the Chancellor

CEO Comments Iain McKenzie, CEO of The Guild of Property Professionals 3rd March 2021

The Chancellor gave the property market a double shot in the arm today (3rd March), with a boost from the stamp duty holiday extension and 95% mortgages.

Extending the stamp duty holiday until the end of June, then phasing it out until September should help avoid a sudden downturn in prices caused by the much-feared cliff-edge end.

With the zero-rated stamp duty limit extended to £250k until the end of September and the average UK house price being £252k, it means that thousands of people can benefit from this incentive - particularly first and second-time buyers. The Government is really looking to turn Generation Rent into Generation Buy.

While 95% of mortgages are mainly a positive initiative that could help first-time buyers get onto the property ladder, this lending must be responsibly targeted.

The extension of the furlough scheme to the end of September will also bring solace to millions of people concerned about the impact to mortgage and rent payments in the event of a sudden loss of income.

Iain McKenzie, CEO of The Guild of Property Professionals

Iain McKenzie is the CEO of The Guild of Property Professionals and is responsible for the direction and management of the brand plus offering support to the network of over 800 Guild Members. Iain is a highly established estate agent and business leader, with over 30 years of industry experience and a strong entrepreneurial background. He has led and managed teams to success, as a business owner, Franchise Director and MD for a large corporation. Iain has 30 years’ agency experience starting within the industry at 17 on a youth training scheme in Devon. He quickly progressed through the ranks, and at 26 he became a Regional Manager. Three years later, he set up an independent estate agency, called Complete Property Services, and became a Member of The Guild of Property Professionals. This was his first encounter with The Guild and was extremely impressed with the services that were offered. In 2011, he joined a large corporate as Managing Director, which grew year-on-year

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