Commenting on Budget 2021, Tanya McGeehan, Managing Director of MCG Investments said: “As every household in Northern Ireland appreciates, balancing the books is always a challenge.  As Chancellor of the Exchequer, with a £355 billion hole in UK public finances following a global pandemic, Rishi Sunak’s budget announcement has been more nervously awaited than usual by both business owners and ordinary citizens alike. 

In the property industry in Northern Ireland for the short term the two key areas of focus for MCG Investments were action that might be taken by Government to support first time buyers and confirmation of the expected decision to extend the freeze on stamp duty. 

We are delighted that today’s budget has announced positive news on both fronts.  The government ‘help to buy’ scheme which we must see operational in Northern Ireland will assist new buyers to the market with a minimum 5% deposit.  Those buyers will also have the additional comfort that the treasury will underwrite a chunk of their loan as part of a guarantee agreement with lenders.  We also welcome the extension of the freeze on stamp duty until the end of June which will in the first instance ensure that deals on the brink of completion do not collapse, and more importantly continue to stimulate the local market which remains buoyant as we move into the spring!”