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Mini-budget great news for Norfolk property market

A cut to stamp duty and relaxing of planning regulations will have a positive impact on the Norfolk property and development market.

In his mini-budget, Chancellor Kwasi Kwarteng revealed no stamp duty will be paid on the first £250,000 of a property from today.

There will also be a stamp duty cut for first time buyers with a threshold of £425,000.
Lloyd Sandy, Sowerbys Managing Director, said: "This is welcome news for anyone buying in Norfolk and we anticipate to see a positive impact on the rest of the market too.

"We have been in an incredibly fluid market for the past two years.

"Today's announcement is a huge encouragement particularly for first-time buyers to secure their own home. We anticipate this will bolster the number of sales at the start of a chain going through, in turn creating movement throughout the chain and at the higher end of the market."

"For anyone thinking of buying, this will hopefully give them the confidence that the Government recognises their best interests and is acting for them quickly."

The Chancellor also pledged to simplify planning in a bid for growth.

Peter Hurrell, Sowerbys Land and New Homes Manager, said: "This is an exciting time for the investment of new homes in Norfolk, particularly with the county of Norfolk mentioned by the Chancellor as a key area across the country for continued further growth.

"Sowerbys dedicated land and new homes team are fully available for anyone keen to discuss development opportunities."

Sowerbys Land and New Homes team will be actively looking to work alongside local council officials to ascertain what Government land may be becoming available.
Peter Hurrell added: “We are looking forward to further information on how the Government intends to streamline the application process, and in turn increase housing supply.”

The stamp duty cut comes less than a year since the last stamp duty discount ended.

In July 2020, amidst the pandemic, then chancellor Rishi Sunak announced a complete stamp duty freeze on property purchases up to £500,000.

The duty “holiday” was then tapered to £250,000, before reverting to its normal level of £125,000 in October last year.

Other Changes To Be Aware Of:

Today's announcement comes less than 24 hours after the Bank Of England increased the UK interest rate by 0.5%.

It takes it to a 14-year high of 2.25% and means a number of mortgage lenders could increase interest rates over the coming days.

But, there are ways to protect yourself from further base rate increases.

Simon added: "Mortgage borrowers whose current fixed rate deals expire in 2022 or in the first quarter of 2023, are encouraged to lock in a new fixed rate mortgage deal now.

"Lots of mortgage lenders allow you to lock in a new fixed rate deal up to 6 months in advance, this can help people avoid further rate increases”.

"We have an expert Mortgage Broker team on hand to help advise you on your mortgage choices from the whole of the market, and we offer a no obligation review of anyone's mortgage too."

What You Can Do:

Existing mortgage customers can lock in a new fixed rate mortgage deal up to 6 months in advance of their current deal expiring.

You can also LIVE SEARCH basic details of fixed rate mortgage deals via Broadland Consultants' Mortgage Finder tool here.

If you have any questions or need help setting up a new fixed rate mortgage deal for certainty of payments, get in touch with the friendly local team at Broadland Consultants.