Stamp Duty

We are half way through the stamp duty holiday announced earlier in the year by Rishi Sunak which has proved beneficial in helping to kick start the housing market after the initial lockdown in March 2020, not only that the ongoing and strong movement of the property market at this time has helped to ensure jobs across the housing sector are protected at a time that is difficult for many.

HM Revenue and Customs has also shown a positive growth in property sales showing an 8.1% increase on seasonal sales compared to those which were published in October 2019 and 6.2% higher than the figures published for September 2020. In addition to the increase in transactions Land Registry returns have shown that the average house price rose by almost 5% when compared to the 12 months prior to their report.

When reviewing the figures it is fair to say that the stamp duty holiday has had a positive effect on both house prices and the property market. As a result a number of groups are currently lobbying to the Government to extend the Stamp Duty holiday passed its current deadline of 31st March 2021, although details of an extension are yet to be confirmed, based on the current positive effect it has had on property prices and movement of the property market it is fair to say that the rate of growth experienced over the last few months is expected to continue through to 2021.