House sales in England and Northern Ireland shot up by 21.3% in September 2020, according to the Treasury.
This follows a 15.6% increase in residential property transactions in August 2020, a direct result of the stamp duty land tax (SDLT) holiday announced on 8 July 2020.
Chancellor Rishi Sunak raised the tax-free threshold for SDLT in England and Northern Ireland to £500,000 until 31 March 2021.
As a result, the Treasury said nine in ten people who are either getting on or moving up the property ladder will not pay SDLT until next April.
The tax break was introduced to support thousands of jobs in the property and housing sector in the wake of the COVID-19 pandemic.
The move is filtering through to a variety of businesses and tradespeople across a wider supply chain, most of whom are being indirectly boosted by the temporary tax cut.
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.”
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