Latest News

Agents’ views sought on property listings

20 April 2021

The National Trading Standards Estate and Letting Agency Team (NTSELAT) has today, 20 April, launched a consultation to gather information to develop guidance as to what should be considered material information on property listings and portals. Read More...

Record breaking activity in regional markets across the UK

19 April 2021

Market activity continues to grow and the appetite from prospective buyers is such that many properties are not being listed on the property portals, as agents focus on fulfilling Consumer Protection Regulations, completing Property Information Questionnaires, and marketing properties to those proceedable buyers, already registered with the agency. Read More...

New 95 per cent mortgage scheme launched

19 April 2021

The UK Government has today, 19 April, opened a Mortgage Guarantee Scheme to help first-time buyers and current owners with 5 per cent deposits buy a house up to £600,000. Read More...

Proportionate approach needed to building safety in Wales

15 April 2021

Propertymark has responded to the Welsh Government’s consultation on improving building safety in Wales by supporting the proposed measures but urging the Welsh Government to also consider the height of buildings, occupation and material used to build property to determine fire risk rather than simply the number of dwellings. Read More...

 

Campaign leads to extended Stamp Duty holiday

Wednesday 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.

Propertymark’s successful campaigning

Extending the stamp duty holiday was vital to prevent transactions from falling through, price falls, and a sudden loss of momentum in the market. By moving the deadline by three months and following this with a transitional rate, our call for a tapered end to the tax relief has been successful.

Since the introduction of the property tax cut, the housing market has boomed. Propertymark’s Housing Market Report for January saw a big rise in prospective buyers, sales and record transactions. Furthermore, research by Propertymark laid bare the impact on business, with estate agents losing £4,000 for every failed sale.

The UK Government also listened to our calls for more support for first-time buyers, such as a new mortgage guarantee scheme, which will encourage lenders to offer 95 per cent mortgages. This will help first-time buyers tackle the issue of deposits, which is often the first hurdle that prevents them from getting on the housing ladder.

The scheme is open to both first-time buyers and current homeowners looking to buy a house of up to £600,000, subject to affordability checks. Lenders using the scheme will offer mortgages fixed for at least five years, enabling those with smaller deposits to have the security and predictability of a mortgage with a fixed rate over a longer-term.

Business rates relief

The Chancellor announced a continuation of business rates relief. Eligible retail, hospitality and leisure properties in England will continue to receive 100 per cent relief until 30 June 2021, this will then be discounted by two-thirds for the rest of 2021.

Corporation tax increase

Corporation Tax will increase from 19 per cent to 25 per cent from April 2023 but companies with profits under £50,000 will remain at 19 per cent.

Apprenticeships support

Currently, employers receive a bonus of £2,000 for apprentices hired between the ages of 16-24 and £1,500 for apprentices aged 25 and over. This has now been extended and will be increased to £3,000 for any apprentice hired between 1 April and 30 September, regardless of age.

This is on top of the £1,000 payment already provided for new apprentices aged 16 to 18 and those under 25 with an Education, Health and Care Plan, meaning that some employers could receive £4,000 in total.

Extension of the furlough scheme

The UK Government will extend the job support scheme until the end of September, with employees continuing to receive up to 80 per cent of their wages. Businesses that remain open will be asked to contribute 10 per cent from July and 20 per cent in August and September.

Read the budget in full

Quote mark

The extension of the stamp duty holiday to the end of June followed by the transition to the end of September is much needed to help prevent sales falling through as the initial deadline approaches. We urge the Governments in Scotland and Wales to follow the UK Government’s lead on this. We know from our own research that failed sales cost estate agents more than £4000 per sale and consumers more than £1500 which is why we have called on Government to rethink the stamp duty holiday timings. This is good news for the market and will help maintain consumer confidence who are seeking to buy and sell in the coming months.”

Mark Hayward

Mark Hayward
Propertymark Chief Policy Advisor