The Kbsa has welcomed the introduction of a stamp duty holiday, designed to boost the housing market, announced yesterday (08 July) by the chancellor as part of his Covid- 19 recovery plan. The temporary holiday on stamp duty applies on the first £500,000 of all property sales in England and Northern Ireland, until next March, with immediate effect.
Kbsa National chair Richard Hibbert praised this move which he said would help many buyers and stimulate the housing market, which would in turn have a positive impact on the KBB sector.
He said, “We are grateful that the chancellor has helped the housing market in this way and also welcome the initiative to pay firms a £1,000 bonus for every staff member kept on for three months, when the furlough scheme ends in October. However, I am disappointed that he was not able to extend the VAT cut on hospitality to housing renovations and repairs, which is something we have been urging the government to do for a long time.”
“The chancellor was right to stress that the job of getting the economy back on its feet has only just begun during his statement. We hope that the measures announced will be enough to generate a much needed boost for retailers in the coming weeks and months.”