The introduction of the Stamp duty holiday helped to secure a 21.3% boost in house sales in September, helping to protect hundreds of thousands of jobs in the housing sector. Figures from HM Treasury reveal the effect this has had on housing businesses and the wider supply chain. 

Residential property transactions rose 21.3% in September following a 15.6% rise in August. The surge in sales supports hundreds of thousands of jobs in the sector. With more people deciding to buy a new home or move house, there are many more new homeowners ready to spend money on decorating and new furniture or appliances. 33% of buyers are planning to put savings from the tax break towards renovations or home improvements, supporting a wide range of businesses and jobs. The increased house sales will also be sure to support housebuilders and estate agents, among others across the housing supply chain and beyond.

As renovations ensue on thousands of newly purchased properties,  tradespeople, DIY stores, moving companies and cleaning businesses are all likely to benefit. The Bank of England estimates that those who move house are much more likely to purchase a variety of long-lasting items including furniture, carpets or electrical appliances. 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.”

Chancellor Rishi Sunak announced the stamp duty holiday which began at the beginning of July and will end in March. The government imposed a temporary stamp duty holiday for residential properties up to £500,000 as part of their Plan for Jobs. It allows nine out of ten people purchasing a property to pay no SDLT at all, saving an average of £4,500. The government aimed for people to feel more confident in getting on the property ladder, moving house, selling, renovating and undergoing home improvements. 

Figures from the Building Societies Association show that there has been a considerable boost in the number of people who say that now is a good time to buy a property. 37% are confident in September, while only 25% believed so in June. It is clear that the confidence boost given to the property market through the Stamp Duty Holiday is impactful with a successful outcome of driving growth and supporting jobs.