Landmark Information, the property, land and environmental data specialist, is welcoming the rescue package announced by the Chancellor of the Exchequer, Rishi Sunak, to help further stimulate the property market with a Stamp Duty Land Tax (SDLT) holiday on properties up to £500,000, in England and Northern Ireland, until the end of March 2021.
Chris Loaring, Managing Director (Landmark Legal and Argyll Environmental) said, “Landmark has been championing a fiscal stimulus to the housing market to the government for a while. With the SDLT threshold moving up to £500,000 until the end of March 2021, it will certainly facilitate a boost to the housing market and the wider economy via a broad range of related industries including retail, financial services, law firms, logistic companies, architects and the building trade, to name but a few.
“Moreover, the extension to the end of March will restore consumer confidence gradually and naturally, and it takes us beyond the Brexit deal window at the end of the year. It will give homeowners and buyers a real incentive to purchase a property with the opportunity to save thousands of pounds in the process, which may well get ploughed back in to industries already mentioned.
“Between July and December 2019, over 355,500 transactions took place of properties between the value of £125,000 and the new £500,000 threshold, illustrating just how many people this initiative has the potential to help.
“Whilst it won’t offer additional support to first-time buyers, as they are already outside of SDLT payments on properties up to £300,000, they are benefiting from the freeing up of the property chains that should now begin to move.”
For more details regarding Landmark Information Group, visit www.landmark.co.uk.