Latest News

Plans for Jobs: increased financial support

22 October 2020

The UK Government announced today, 22 October, further funding added to the new Job Support Scheme for businesses facing more hardship through the tiered systems introduced last week. Read More...

UK housing market remains undeterred

21 October 2020

Despite COVID-19 limitations, agents have been largely permitted to open in areas where local lockdown restrictions have been enforced, and house moves have still progressed. It seems yet again, the pandemic hasn’t been a deterrent for buyers and renters determined to make a change. Read More...

Welsh Government announce a two-week fire-break – what does it mean for agencies?

19 October 2020

Today, 19 October, First Minister Mark Drakeford announced that the Welsh Government will impose a two-week fire-break period which requires Welsh residents to stay at home from 6pm on Friday 23 October until Monday 9 November. Today's rules also apply to those traveling into Wales from other parts of the UK: you are permitted to travel into Wales to work as long as you comply with the rules. 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.