Latest News

Government urged to speed up cladding remediation process

10 August 2020

The second report from the Industry Safety Steering Group on the progress of culture change in the construction sector was issued on 5 August, which highlighted the need for further change for the industry now, ahead of the legislation. Read More...

Consultation to reform planning system launched

06 August 2020

Housing Secretary, Robert Jenrick announced today, 6 August, the Government is ‘Planning for the Future’ and aims to overhaul outdated systems and reform the way the country builds. Read More...

Staying safe whilst lifting lockdown

04 August 2020

COVID-19 is a powerful disruptor, responsible for the delay of almost 450,000 property transactions. It goes without saying that everyone has to take action in order to minimise the ongoing impact. 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.