The housing market has been a clear focus for the government with its critical role in the economy. So, to ensure medium-term confidence in the property market and maintain the growing momentum since the easing of lockdown, the government is temporarily cutting Stamp Duty Land Tax (SDLT) for home buyers across England and Northern Ireland until the end of the financial year.
This means increasing the Nil Rate Band of Residential SDLT, in England and Northern Ireland, from £125,000 to £500,000, which means nearly nine out of ten people getting on or moving up the property ladder will pay no SDLT at all.
The government is also looking to improve the energy efficiency of existing homes in order to meet the UK’s climate change ambitions by announcing £2 billion to be provided to support homeowners and landlords in making their homes more energy-efficient in 2020-21. For those on the lowest incomes, the scheme will fully fund energy efficiency measures of up to £10,000 per household.