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UK News House sales rise in August after stamp duty holiday

22:15  22 september  2020
22:15  22 september  2020 Source:   dailymail.co.uk

House sales jumped in August following stamp duty cut

  House sales jumped in August following stamp duty cut HM Revenue and Customs said house sales increased by 15.6% month-on-month in August in what could be the early impacts of the stamp duty reduction.HM Revenue and Customs (HMRC) said an estimated 81,280 sales took place in August 2020.

House sales rose by 15.6 per cent in August after temporary stamp duty holiday . Move, which will last until March 2021, saw an estimated 81,280 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

Royal Institution of Chartered Surveyors warned that house sales , prices and rents could slide.

a sign on the side of a building: MailOnline logo © Provided by Daily Mail MailOnline logo

UK house sales rose by 15.6 per cent in August after the Government introduced a temporary stamp duty holiday for residential properties worth up to £500,000, it has been 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.

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STAMP duty land tax (SDLT) is a lump sum payment anyone buying a property or piece of land over Currently, all house -buyers in England and Northern Ireland must pay stamp duty on properties Of course, this again assumes any stamp duty savings aren't eaten-up by house prices rising as a result.

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.

However transactions were still down by 16.3 per cent compared with the same month in 2019, figures show.

a sign on the side of a building: House sales in the UK rose by 15.6 per cent in August after the introduction of a temporary stamp duty holiday © Provided by Daily Mail House sales in the UK rose by 15.6 per cent in August after the introduction of a temporary stamp duty holiday a close up of a map: Total UK residential property transactions saw an increase in August 2020 compared with those in July. While the transactions have gradually increased month-on-month they still below levels observed in recent years © Provided by Daily Mail Total UK residential property transactions saw an increase in August 2020 compared with those in July. While the transactions have gradually increased month-on-month they still below levels observed in recent years

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 ten 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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Households looking to take advantage of the stamp duty holiday to buy or sell their home have been warned by estate agents to get moving within weeks. The temptation to overprice as you know buyers will be saving on stamp duty is bound to backfire and lose you valuable time on the market.

Should YOU stay or should you go? House prices are soaring and homes are selling in record time House prices jumped to new high in August after biggest monthly rise in 16 years Experts are referring to the current housing market as a ‘seller’s paradise’ before the stamp duty holiday ends and miss out on savings.

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 housebuilders, estate agents, tradespeople, DIY stores, removal and cleaning firms could also 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.

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ANY ANNOUNCEMENT around changes to stamp duty is usually met with excitement from both the property industry & consumers alike. But if, as has been rumoured, Chancellor Rishi Sunak unveils reforms to property taxes this week which don't actually take effect until later in the year, this may not

Full report: Sunak unveils stamp duty holiday and hospitality VAT cut. Boris Johnson refuses to comparatively cheap - an “Eat Out to Help Out” discount scheme for people eating out in August The tax is paid after a sale is completed, so anyone who is part-way through buying a property will benefit.

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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August saw the highest monthly price rise in more than 16 years, says the Nationwide. It describes the housing market recovery as "unexpectedly rapid". But this stamp duty holiday replaces the first-time buyer discount. Landlords and second home buyers are also eligible for the tax cut but will still

Stamp duty ' holiday ' to revive house prices in Rishi Sunak plan to save buyers thousands. STAMP DUTY LAND TAX (SDLT) thresholds could be set to change temporarily in the near future, with Chancellor of the Exchequer Rishi Sunak being said to have drawn up proposals to increase the

'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.'

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.

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'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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