Much needed help for the housing market

On Wednesday 8 July, Chancellor Rishi Sunak delivered a mini budget with some welcomed help for the housing sector, hospitality and jobs market.  He delivered a plan to help boost the UK's economy hoping the help will improve matters as the UK comes out of the Coronavirus (COVID-19) lockdown. The plan covers a jobs retention bonus, stamp duty tax break and a six-month cut in VAT from 20% to 5% for the hospitality and tourism sectors.

Some of the incentives to get the UK economy moving include:

• Job placement incentives - £2bn scheme to create thousands of jobs for young people
• Stamp duty removed from 8^th July for six months for purchases £500,000 and under
• VAT cut from 20% to 5% on food, accommodation and attractions
• Bonus of £1000 for employers who bring back furloughed employees
• Green homes grants to improve energy efficiency announced worth £2bn
• Help for restaurants with “Eat out to help out” vouchers giving 50% off for August (conditions apply)

We have already seen an increase in house sales and conveyancing over the past few weeks following the lifting of the coronavirus lockdown, but any additional incentives to help boost the economy are more than welcome.

For help or guidance on conveyancing or the new regulations when buying properties, please speak to Phil p.light@sydneymitchell.co.uk  or  a member of Sydney Mitchell's conveyancing team 0808 166 8860 a.oleskow@sydneymitchell.co.uk

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