Boss of firm with branches across West Sussex says Budget 2021 is a ‘careful balancing act’

The boss of a firm with branches across West Sussex has said the latest Budget is a ‘careful balancing act’.

Thursday, 4th March 2021, 10:09 am

Philip Jordan, Chief Executive of Henry Adams LLP said the Spring Budget, announced yesterday by Chancellor Rishi Sunak, is set to continue to shore up, stabilise and stimulate the economy as the country starts to look beyond lockdown.

The boss of the estate agents, which has branches in Horsham, Chichester, Storrington and more, added: “The Stamp Duty Holiday has undoubtedly had a significant impact on the housing market activity.

“Its extension until the end of June will certainly help more people take advantage of the reduction in the cost of moving, with savings of up to £15,000.

Philip Jordan, chief executive at Henry Adams
Philip Jordan, chief executive at Henry Adams

“That would just defer the inevitable sudden stop, with a potential bottleneck of completions trying to meet the deadline shifting from March to June.”

The tapering of the initiative, with a step change from June to the end of September, will smooth the return to previous stamp duty levels in autumn, he said.

Philip added: “This now enables new sellers and buyers to plan their Spring move with some confidence but they will still need to act quickly to benefit from reduced stamp duty rates over the next few months.

“The new Mortgage Guarantee scheme is very much welcomed for buyers who require a 95 per cent mortgage. Lenders who provide loans to homebuyers, who don’t have more than a 5 per cent deposit, will benefit from a government guarantee and the loans will be offered by some of our well known, high street lenders.

“This should benefit buyers of properties up to £600,000, whether of a newly built or existing home. As 95 per cent mortgages are so rare these days, bringing this back as an option will help more people with small deposits up on to the property ladder.

“This Budget appears to be a careful balancing act and one which looks forward to the future, with solutions to help support the recovery for the economy in the coming months.”