Latest News

Consultation on Smoke and Carbon Monoxide Detectors

27 November 2020

The Government has opened a consultation on mandatory installation of smoke and carbon monoxide detectors in England. While the consultation, which closes on 11 January 2021, primarily focuses on social housing it also highlights requirements for owner-occupiers as well as the private rented sector. Read More...

PM announces COVID-19 Winter Plan

23 November 2020

Boris Johnson, today, 23 November, announced in Parliament, a COVID-19 Winter Plan which provides a roadmap out of national lockdown in England from 2 December. Read More...

The future of referral fees - your questions answered

19 November 2020

James Munro, Head of the National Trading Standards Estate and Letting Agency Team (NTSELAT), shed some light on their recent report to Government on referral fees and what the future holds in a Propertymark webinar, highlighting all agents should be following the guidance. Read More...

Additional dwellings higher stamp duty still applies

Wednesday 08 July 2020

On the back of The Chancellor, Rishi Sunak’s, announcement today, 8 July, on the temporary overhaul of Stamp Duty Land Tax (SDLT), landlords wishing to buy an additional home to rent will still have to pay the additional higher rate.

When purchasing a property as a main residence between 8 July 2020 and 31 March 2021, SDLT is only paid on the amount the property is purchased at above £500,000. These rates apply whether buying a first home or for those that have owned property before. However, for anyone wishing to purchase an additional property between that time, they also won't have to pay standard rates of SDLT, but will have to pay the additional higher rates: 

  • Three per cent – properties up to £500,000
  • Eight per cent – properties priced from £500,001 to £925,000
  • 13 per cent – properties priced from £925,001 to £1.5 million
  • 15 per cent – the portion or properties above £1.5 million

Government announcement 

Propertymark campaigning

Propertymark called for a temporary reduction in property tax as part of a UK Property Support Package earlier in the year, and welcomes the development, having worked with Government departments to find ways to sustain the property market. We wrote to the Chancellor in May of this year, asking him to create a stimulus package, including a SDLT holiday, to help re-activate the housing market in light of the Coronavirus pandemic.

Today's announcement demonstrates our continued discussions and work with the Government in order to find ways to boost the property market. Propertymark is pleased that this latest campaigning success follows our other successful work on business rates relief, including commissioned staff within furloughed pay, and other support for the industry as the economy reopens.

Propertymark continues to work with the Government in the interests of our members to ensure that the needs of the sector are met.