House sales are rising.
After a 15.6% rise in August, residential property in September rose a further 21.3% as more people are deciding to move into a new home or move house.
The increase in transactions came after the Chancellor announced a stamp duty holiday at the start of July that will last until March next year.
The holiday means nine out of ten people getting on or moving up the property ladder will pay no SDLT at all. This measure delivers an average saving of £4,500 in SDLT.
The government wants people to feel confident to move, to buy, to sell, to renovate, and to improve their homes, driving growth and supporting jobs.
This comes on top of figures from the Building Societies Association which show that there has been a marked uplift in the number of people who say that now is a good time to buy a property this quarter – 37% in September compared to 25% in June.
Chancellor Rishi Sunak said:
“With a third of Brits planning to spend savings from the tax break on home improvements and renovations, the temporary stamp duty cut is boosting business and protecting jobs.”
“This ranges from carpenters to cleaners, brickies and decorators, they can all benefit from each sale – helping us to further deliver on our Plan for Jobs.”