Property News: 3 Property Related Takeaway From UK Chancellor's Update.

From stamp duty holiday, to VAT cut, here's how Chancellor Rishi Sunak’s announcement impacts the property market.

The Chancellor’s economic update on July 8th has a clear goal, to support, protect and create jobs which in turn uplifts the economy and boosts confidence in the property market.

Here is a summary of 3 of the updates:

1. Stamp Duty Holiday: the threshold increase from £125,000 to £500,000 will help restore confidence in the property market for buyers & sellers.

   The government estimates that the change, which applies with immediate effect until 31 March 2021, will mean nearly nine out of 10 buyers will pay no stamp duty at all, saving them an average of £4,500.

2. Green Homes Grant: a £2bn Green Homes Grant scheme is not only good news for the environment, but it should help homeowners & landlords save hundreds of pounds a year on their energy bills.

3. VAT Cut: a 20% to 5% cut on food, non-alcoholic drinks, tourist attractions & accommodation from 15 July until 12 January 2021, will indirectly help the housing market by keeping people in jobs & booming the economy.

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