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Stamp duty holiday: where is the lending?

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Unsurprisingly, estate agents like Martin Bikhit are pleased with the stamp duty holiday. But more first-time-buyer-friendly mortgages would be helpful, he says. Lenders including Nationwide have cut back on big mortgages for new buyers.

We expect mortgage lenders to have a surge in inquiries over the coming weeks however with a few high loan to value offerings being paused due to post lockdown demand there may not be the tidal wave the government hoped for. Coupled with near record low interest rates, the news provides a much welcomed boost, particularly for first time buyers in London who will see the greatest impact of the holiday, although the reduced mortgage offerings by lenders means that we may not see the impact from the outset.

Martin BikhitManaging Director of estate agents Berkshire Hathaway Home Services Kay & Co