Latest News

Land Transaction Tax (LTT) nil rate band extended

04 March 2021

On 3 March 2021, the Welsh Government announced that the temporary increase to the nil rate band of LTT for residential property transactions will be extended to 30 June 2021. Read More...

Campaign leads to extended Stamp Duty holiday

03 March 2021

The Chancellor has listened to Propertymark’s calls to avoid a cliff-edge deadline to the Stamp Duty Land Tax holiday in the UK Government’s budget, today, 3 March 2021. The nil rate band up to £500,000 will end on 30 June, instead of March. A transitional nil rate band up to £250,000 will be in place until the end of September and then return to £125,000 from October, with first-time buyers continuing not to pay stamp duty on properties up to £300,000. Read More...

Estate agents lose over £4,000 for every property sale that falls through

25 February 2021

Research carried out by Propertymark over the last year found an average of 17 property sales fell through, with 42 per cent of respondents saying failed sales are a significant problem for businesses. Read More...

 

Government announces rise in new homes built last year

Wednesday 20 January 2021

Figures published in January 2021 show a 111 per cent increase in housebuilding in England from July to September 2020 compared with the previous quarter. Data for the same period also show a quarterly rise of 185 per cent more dwellings completed.

The statistics published on the UK Government website show 35,710 houses were started during the third quarter of 2020, while 45,000 homes were completed during this time. The Government states the activity was made possible through measures supporting the housing market and construction industry during the Coronavirus pandemic.

Government support for homebuilding has included:

  • Proposals to change the planning system in the UK
  • £20 billion of investment in new housing, including over £12billion of investment in affordable housing and the £7.1 billion National Home Building Fund
  • £400 million Brownfield Fund for seven Mayoral Combined Authorities, with the aim to build 26,000 homes
  • Measures including flexible construction site working hours for builders and extending certain planning permissions
  • A temporary cut to property tax

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The figures show that the number of new homes developers have started building have more than doubled compared to the previous quarter and the number of completed homes has almost tripled. This reflects the government’s commitment throughout the pandemic to support industry to enable construction sites to remain open and operate safely

We extended planning permission deadlines and flexible working hours on sites so that builders, architects, and developers have been able to continue working while following public health advice. In turn, this has protected millions of jobs, from builders, through to estate agents and carpenters.

The housing industry is key to our economic recovery, which is why we’re investing £12 billion in affordable housing, providing £400 million to build more homes on brownfield land, and investing £7.1 billion for a new National Home Building Fund over the next 4 years, unlocking up to 860,000 homes.

Rt Hon Robert Jenrick MP, Housing Secretary

Propertymark’s Property Support Package

Over the course of the pandemic, we have campaigned for a Stamp Duty/LTT/LBTT holiday across the four nations of the UK and then promoted the benefits to consumers of extending the Stamp Duty holiday.

We continue to call for an extension to the property tax holiday to avoid unintended consequences such as transactions falling through, house prices falling, and a sudden loss of momentum in the markets.

In our representation to the Budget 2021, we have called for an extension to the SDLT cut for at least another six months and the allowance that those who have an offer formally accepted prior to the end of the current cut to stamp duty or any further extension, qualify for the relief.

Join the campaign to extend the cut to Stamp Duty by writing to your local MP outlining your experiences and asking them to make representation to the Chancellor ahead of the Budget on 3 March 2020. Our collective efforts and your role with your local representatives are vital in making the campaign effective.