It’s been an interesting week in the property sector. As well as our network of offices all seeing a marked increase of up to 272 per cent in the number of searches undertaken month on month May to June, there has also been the launch of new incentives by the Government to improve the UK housing market.
On Tuesday 7th June, the Chancellor announced the launch of a new £2 billion Green Homes Grant, which will contribute at least two-thirds of the cost of energy-saving home improvements such as the installation of insulation or energy-efficient glazing, doors or lighting. This is positive news for homeowners and also those looking to move up or down the property ladder and want to maximise the value from their properties.
On Wednesday, the budget revealed a new 8-month stamp duty ‘holiday’ which takes effect immediately. It raises the tax threshold on residential purchases from £125,000 to £500,000.
Although this might not impact most first-time buyers, who were already exempt from payments on purchases up to £300,000, the move is widely expected to re-energise the housing market, boosting transaction numbers and creating more fluidity higher up the property ladder.
We’re gearing up for another few months of spikes in the number of property searches we’ll undertake as the UK housing market takes advantage of these savings before the deadline of March 2021.
Dave Lister, Sales Director, X-Press Legal Services