Double boost from from the Chancellor

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.