Latest News

MHCLG guidance on buying and selling homes during COVID-19

27 March 2020

The Ministry of Housing, Communities and Local Government (MHCLG) has issued guidance on buying and selling homes during the stay-at-home period. Read More...

Self-employed to receive 80% supplement by June

26 March 2020

Chancellor Rishi Sunak this evening announced a new self-employed income support scheme, comprising a taxable grant worth 80% of their average profit over the last three years. The scheme will be open for three months and will be extended if needed. Read More...

Leaseholders call for Government help with cladding security costs

26 March 2020

Leaseholders in buildings cladded with flammable materials have called for support with the cost of interim safety measures during the Coronavirus crisis. Read More...

Budget 2020 – what agents need to know about the new stamp duty surcharge

Wednesday 11 March 2020

In the 2020 Spring budget, Chancellor of the Exchequer, Rishi Sunak, announced that a surcharge on stamp duty for non-UK residents would be introduced.

How much and when?

The stamp duty surcharge for non-UK residents will apply at a rate of two per cent above the residential rates (including the higher rates for additional dwellings and companies, the 15 per cent rate, and first-time buyers’ rates).

The surcharge will apply for purchases of residential property by non-UK residents made from 1 April 2021. Where contracts are exchanged before 11 March 2020 but complete or substantially performed after 1 April 2021, transitional rules may apply subject to conditions.

Consultation coming soon

The government will consult on draft legislation over the summer and introduce the change in the 2020/21 Finance Bill.

Properytmark response 

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If introduced, this policy allows those in the UK to have a better chance at purchasing a home. However, overseas buyers tend to purchase properties in prime central London which are completely unaffordable to most homebuyers anyway. Therefore, this move will not help those that need it most.

Ultimately, by energising surcharges, it is likely that purchasers will factor this additional cost into any offers they make on a property so prices may be pushed down in areas where overseas buyers are purchasing.


Mark Hayward, Chief Executive, NAEA Propertymark 

 

Read our overview of the measures affecting the housing industry in the 2020 Spring Budget.

Budget overview