Latest News

Government announces rise in new homes built last year

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. Read More...

Winter weather precautions

20 January 2021

Propertymark Industry Supplier, Gallagher offers practical steps that can help agents and their clients reduce the risk of damage to property as areas of the nation are set to see further warnings of more inclement weather to come. Damage caused by the escape of water from frozen pipes and other equipment can be extremely costly in repairs and disruption. Read More...

New Help to Buy: Equity Loan Scheme

19 January 2021

First-time buyers looking to purchase a home in England will continue to receive Government support under the revised Help to Buy: Equity Loan Scheme (2021-2023), which is now open for applications with buyers able to move into their new properties from 1 April 2021. Read More...

Further calls to Government to extend Stamp Duty cut

15 January 2021

A group of 50 Conservative MPs are calling on the Chancellor, Rishi Sunak to extend the stamp duty cut for properties worth less than £500,000 a further 12 months in a major boost alongside The Telegraph’s ‘Stamp Out the Duty’ campaign. Read More...

New building safety regulators proposed for Wales

15 January 2021

The Welsh Government’s Building Safety White Paper covers all multi-occupied residential buildings, from houses converted into flats through to high rise apartment blocks. It sets out major reforms to how properties are designed, built, managed, and lived in whilst proposing clear lines of accountability and a stronger regulatory system. Read More...

Industry calls for action to extend Stamp Duty Holiday

Monday 02 November 2020

NAEA Propertymark has joined forces with sector partners to write to the Chancellor, Rishi Sunak to highlight the emerging crisis in residential transactions, as sales progression and conveyancing are overwhelmed by demand in the race to complete before the end of the Stamp Duty Holiday on 31 March 2021.

The partners, who represent the home moving process: estate agency, search agents, mortgage intermediaries, conveyancing, surveying, energy assessors and removal companies, highlight the fact that average transaction times have escalated from 12 weeks to 20 weeks along with the importance of the sector to the wider economy and the potential for significant consumer detriment. Key to this message, is the need for action to be taken and an announcement to be made to reassure those involved in transactions before Christmas.

Pent up demand which followed the first ‘lockdown’ period, was bolstered by the temporary reduction of Stamp Duty Land Tax (SDLT) which ends on 31st March 2021, the same date as the Help to Buy scheme is due to end.

The letter states that a limited window is now overloading the capacity available to deal with the surge in demand for completions and failure to complete transactions by the deadline is likely to see the breakdown of chains as consumers have budgeted on the basis of the Stamp Duty holiday and cannot afford the additional cost.

The group are calling on the government to:

  1. Announce an extension of the Stamp Duty holiday of at least 6 months before Christmas in order to reduce the risk to the consumer.
  2. Work with the industry to develop a method to help smooth the end of an extended Stamp Duty holiday to prevent another cliff edge.

Quote mark

The joint letter sent to the Chancellor today is an important step in protecting those in the process of buying or selling a house that might miss out on the 31st March stamp duty deadline because of increased pressure on service providers within the industry which is causing delays for buyers and sellers in the sector. The group endorsing this letter represents the breadth of the home moving process including estate agents, search agents, mortgage intermediaries, conveyancing, surveying, energy assessors and removal companies.

The boom, caused by the stamp duty holiday, has been hugely beneficial for the housing market; however, the stamp duty cliff edge on the 31 March could cause thousands of sales to fall at the final hurdle and have a knock on and drastic effect on the housing market which has recovered well from the Covid slump. We are calling on Government to rethink these timings, so pressure on the system can be released to allow transactions to complete and avoid a disorderly and distressing period for movers and businesses throughout the market.

Mark Hayward

Mark Hayward
NAEA Propertymark Chief Executive

Propertymark Resources

Propertymark’s Housing Market Reports give a picture of the UK housing market and the issues that our members are experiencing.

A series of consumer guides on moving during COVID-19 are also available for agents to share with vendors. This is to encourage consumers to work with agents to make sure viewings and house moves are COVID-19-secure.