The UK Property Market: Economic Decisions to Boost Growth

The UK Property Market

ZUNE TH

S AT TA R

The UK Property Market: Economic Decisions to Boost Growth Around the world, 2020 has been an eventful year, mainly due to the COVID-19 pandemic that led to various lockdown measures.

A

s a result, many economies, the UK’s included, have felt the impact. The UK’s property market in particular was heavily affected in the beginning but has shown resilience in part due to several decisions made by the government to spark its revival.

Stamp Duty Holiday In early July 2020, the Chancellor to the Exchequer announced a stamp duty holiday for property purchases by raising the threshold for the tax to £500,000. The move is aimed at giving home buyers, particularly first-time buyers, the confidence to go ahead with a home purchase.

Job Retention Bonus The Job Retention Bonus is a way for companies to maintain furloughe d staff eve n afte r the gove rnment’s Coronavirus Job Retention Scheme comes to an end. The move to keep more people employed is good for the property market, as rising unemployment typically impacts people’s ability to keep homes or even purchase new ones.

Green Homes Grant The Green Homes Grant scheme is the government’s way of encouraging more energy-efficient homes.

Landlords and homeowners who improve energy efficiency in their homes can claim up to two-thirds of the cost of work done (up to £5,000), while improvements done for low-income households will be fully covered up to £10,000.

TO LEARN MORE ABOUT THIS TOPIC, VISIT THE BLOG OF ZUNETH SATTAR.