A Stamp Duty holiday will save buyers up to £15,000. The tax on the first £500,000 of all property sales has been suspended until March 2021.
The average buyer will make a saving of £4,000, with nine in ten not having to pay duty at all. Those paying £500,000 for a property will save £15,000. The payment holiday comes into effect immediately in England and Northern Ireland.
Mr Sunak said: "Uncertainty abounds in the market - a market we need to be thriving."
Miles Shipside from Rightmove, which saw web traffic leap 22 per cent at the news, said: "We hope this will provide the spur."
Foreign buyers will be forced to pay more for UK properties under changes to stamp duty.
The Government announced yesterday a 2 per cent surcharge for non-UK residents, saying it would come into effect in April next year. Budget documents said it would 'help to control house price inflation and support UK residents to get on to and move up the housing ladder'.
It is expected to raise £250 million in its first year, but the policy is then expected to cost the Government money for a couple of years before bringing in around £105 million annually from 2023/24.
Money raised will be used to pay for schemes aimed at reducing rough sleeping, the chancellor said.
The changes were proposed in the Conservative Party manifesto for December's election. However Peter Beckett, real estate tax partner at consultancy firm KPMG said: 'Whilst the commitment is to be applauded, the 2 per cent surcharge is not to take effect until April 1st, 2021 so the details are unlikely to have been finalised.'
Daily Mail 12/3/2020
The bank of England has announced an emergency cut in the base interest rate to shore up the economy during the Coronavirus crisis.
The cut, from 0.75 per cent to 0.25 per cent, was announced at 7 am on 11/3/2020; it takes borrowing costs back down to the lowest level in history, and may help agents and the housing market following reports of reduced demand and buyers pulling out of viewings.
Interest rate changes are usually announced on on Thursday's after regular meetings of the Bank's monetary policy committee; this morning's shock announcement suggests that the indicators guiding the MPC - including ones relating to the housing market - have shown significant falls even at this early stage of the virus outbreak in the UK.
Make the property warm and inviting. Create a welcoming ambience with a lovely warm house by turning on the heating prior to viewings. Making an effort can make all the difference.
First impressions count so add some hardy winter plants to your garden or balcony. They add a cheery, personal touch, plus it's more welcoming and shows that the property is cared for. Make sure lawns are neat and tidy and patios are clear of hazards.
Getting the lighting right is essential to creating the perfect feel to your property. Make sure all light bulbs work and think about small table lamps rather than a bright central light if viewings are booked for the darker evenings. This will create a cozy, welcoming atmosphere. Also, for safety and aesthetic reasons, ensure your property is well lit outside.
Remove unnecessary clutter and mess. If you have an abundance of children's toys, there are cheap attractive storage containers that you can buy to store them in, which in turn will make the room look bigger. Create an attractive open space which will be more welcoming for potential buyers.
At this time of year there is less competition and buyers tend to be more committed and more likely to venture out in bad weather.
Check to see if there are any maintenance problems that need fixing. This will keep the house in tip top condition, not just for the winter but for the year to come.
Be aware that bad weather may cause some access problems, particularly snow and ice. Salt and grit on drives and paths will ensure there are no accidents. In wet weather, you can ask your agent to provide overshoe covers to keep carpets clean.
A belated Happy New Year from everyone at Fox Estates.
At the start of the New Year, Fox Estates hit the ground running. We went live with four new properties on 2nd January and had sales agreed on three of them within two weeks. In the weeks since, we have been extremely busy with valuations, listings, viewings, exchanges and completions.
Chris Fox predicted a mini boom for 2020 last year and it appears he was right again as according to a report by Zoopla, buyers have flocked back on to the market since the election.
The number of people inquiring about buying a home was 26pc higher between December 23rd and January 19th than in the same period a year earlier, the report said. House prices across the UK cities were up 3.9pc on a year earlier, the biggest rise for two years. The report is a further sign that there has been a 'Boris bounce' since the general election, which means that households who were holding off moving are returning to the market.