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UK News House sales jumped in August following stamp duty cut

14:30  22 september  2020
14:30  22 september  2020 Source:   pressassociation.com

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The rush of sales followed months of lockdown that saw the market in a deep freeze. Demand was boosted by a tax break introduced by Chancellor Rishi However, demand remains unabated with no signs that this will not continue. With the stamp duty holiday, we expect the market to remain busy for

Rishi Sunak speaking at his mini-budget said, 'I am increasing the threshold to half a million pounds. This will be a temporary cut running until 31 March 2021. And, as is always the case, these changes to stamp duty will take effect immediately.'.

a sign on a pole: The stamp duty threshold has been raised to £500,000 (PA) © Rebekah Downes The stamp duty threshold has been raised to £500,000 (PA)

House sales increased by 15.6% month-on-month in August across the UK – but transactions were still down by 16.3% compared with the same month in 2019 – figures show.

HM Revenue and Customs (HMRC) said an estimated 81,280 sales took place in August 2020.

On July 8, the threshold for stamp duty, which applies in England and Northern Ireland, was raised to £500,000.

The holiday means nine out of 10 people getting on or moving up the property ladder will pay no stamp duty, according to the Treasury. The average saving has been put at £4,500.

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The government has announced changes to stamp duty to help cut costs for anyone buying a home. August saw the highest monthly price rise in more than 16 years, says the Nationwide. But this stamp duty holiday replaces the first-time buyer discount. Landlords and second home buyers

Revealed: The 10 most popular homes for sale since the Chancellor's stamp duty cut last week - with a five-bed in Fleetwood topping the list. All 10 of the most viewed homes for sale on Zoopla cost £300,000-£500,000. This is where the greatest savings can be made following the cut in stamp duty .

The HMRC report said: “It’s likely early impacts have been captured within provisional August 2020 transactions statistics.

“Similar measures were introduced in Scotland and Wales from July 15 2020 and July 27 2020 respectively.”

The Treasury said the stamp duty holiday, which will last until March 31 2021, has helped to protect nearly 750,000 jobs in the housing sector and wider supply chain.

House builders, estate agents, tradespeople, DIY stores, removal and cleaning firms could all benefit from the increased activity.

Chancellor Rishi Sunak said: “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.”

Strict social distancing measures were introduced for the property market from March 26 due to the coronavirus pandemic. Measures were eased from May 13 in England, and the market gradually reopened later in Scotland, Wales and Northern Ireland.

Mike Fairman, CEO at Checkatrade, said: “Since the Government’s stamp duty changes came into effect earlier this year, we’ve seen record numbers of home improvement inquiries to the site suggesting that consumers are planning to reinvest their stamp duty savings straight back into their homes.”

Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “Despite only being introduced the previous month, the stamp duty holiday was already filtering through to transaction numbers in August as buyers rushed to take advantage of the saving.

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Check out stamp duty rates in Mumbai, Delhi, Pune, Hyderabad, Noida, Chennai, Bangalore, Kolkata and other top cities and its calculation method. Stamp Duty : What are its Rates & Charges on Property? The government levies a compulsory tax on the transfer of rights in a property, known as

STAMP duty land tax (SDLT) is a lump sum payment anyone buying a property or piece of land over a certain price has to pay. The Treasury hopes that the possible stamp duty holiday will reboot the property market after it effectively froze during lockdown with viewings, sales and moves suspended.

“Despite the recovery in number of transactions compared with the previous month, the pandemic has had a significant impact on the market with August’s numbers down significantly on last year’s.

“The data illustrates just how long it takes for property transactions to complete and at the moment, with some lenders struggling with service levels, along with surveyors and lawyers, it is all taking longer than it usually would.

“Buyers need to be patient, as well as engage good advisers who can help steer the transaction through in as prompt a fashion as possible.”

Joshua Elash, director of property lender MT Finance, said: “The significant rise in house sales in August compared with the previous month reflects a positive response to the Chancellor’s stamp duty initiative in the short term but sadly, it is not sustainable.

“With the ongoing threat of further and more serious lockdowns looming, combined with the end of the furlough scheme in coming weeks, this may represent the peak of transactional activity before what will be an unpleasant fall in the final quarter of the year.”

House sales rise in August after stamp duty holiday

  House sales rise in August after stamp duty holiday House sales in the UK rose by 15.6 per cent in August after the Government introduced a temporary stamp duty holiday, figures from HM Revenue and Customs have revealed.Figures from HM Revenue and Customs found the move, which will last until March 31 2021, saw an estimated 81,280 sales take place in August and also helped to protect nearly 750,000 jobs in the housing sector and wider supply chain.

Follow us on Twitter. PROPERTY owners looking to sell their home had good news today as a stamp duty holiday was announced. Here are some top property selling tips to help entice prospective buyers who may be looking to take advantage of the deal.

Rishi Sunak is expected to cut stamp duty todayCredit: Alamy Live News. The temporary measure would remove tax on the purchase of homes to target those most in need of help following the Since then, the number of house sales going through has continued to edge upwards but is still significantly

Jeremy Leaf, a north London estate agent and a former residential chairman of the Royal Institution of Chartered Surveyors (Rics) said: “Transactions are a better barometer of market health than more volatile house prices…

“On the ground, we have noticed no sign of sales collapsing, renegotiating on deals or price reductions in the past few days – more of a determination to carry on.”

Nick Leeming, chairman of Jackson-Stops, said: “Our own data is in line with today’s figures and shows a steady rise in market activity, with accepted offers and new listings up month-on-month across the Jackson-Stops network.

“Despite this, the lingering impact of the housing market lockdown is also clear from today’s data. Residential transactions in August were still lagging behind 2019 figures, but we expect this to correct itself in the coming months with a flurry of transactions likely to be recorded in September.

“Looking ahead to the rest of the year, we can expect to see a bounce in the autumn as pent-up demand continues to build. With people spending far longer in their homes than usual, many home owners are likely to get itchy feet where their current property is no longer suitable for their needs or lifestyle.”

He added: “Towards the end of the year, buyers will be looking to move particularly quickly to ensure they secure their dream property ahead of the stamp duty holiday coming to an end in March 2021.”

Anna Clare Harper, CEO of asset manager SPI Capital said: “For investors, it is becoming increasingly important to understand both the bigger picture and local variations.”

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