The government has announced that residential property transactions rose 15.6% in August, following the introduction of a stamp duty holiday, helping to protect nearly ¾ of a million jobs in the housing sector and wider supply chain.
The increase in transactions came after the Chancellor announced a stamp duty holiday at the start of July that will last until March 2021.
This has helped protect nearly 750,000 jobs, benefiting businesses across the housing supply chain, with the Bank of England estimating that households who move home are more likely to purchase a range of durable goods. These goods include things like carpets, furniture and major appliances.
Chancellor, Rishi Sunak says:
‘Every home sold means more jobs protected – helping us to deliver on our Plan for Jobs.
But this isn’t just about the housing market. Owners doing up their homes to sell and buyers reinvesting stamp duty savings to make their new house feel like a home are also firing up local businesses, supporting, creating and protecting jobs across the country.’
The introduction of the holiday from the government is eligible for residential properties worth up to a maximum of £500,000, this has been the case from 8th July 2020. The holiday results in nine out of ten people who are just starting to get onto the property ladder or working their way up will not have to pay any SDTL at all. This results in buyers saving a total of £4,500 in SDTL.
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