Latest News

Why agents are using virtual tours in the UK’s current climate

28 September 2020

Made Snappy, a Propertymark Industry Supplier, discuss the benefits of agents using virtual tours and how agents can be more efficient whilst saving money and winning instructions in a challenging climate. Read More...

New Job Support Scheme announced by the Chancellor

24 September 2020

In a speech in the House of Commons today, 24 September, Rt Hon Rishi Sunak MP, outlined the UK Government’s next stage of the economic plan to protect jobs over the winter period with the announcement of a new Job Support Scheme. Read More...

New Chief Executive Officer of Propertymark appointed

24 September 2020

Tim Balcon joins Propertymark today, 24 September, as Chief Executive Officer, which is a newly created role, bringing over 20 years’ experience in membership and sector organisations. Read More...

More must be done to get empty homes back into use

14 September 2020

In a letter to Rt Hon Christopher Pincher MP, Minister of State for Housing, Propertymark campaigns for action on empty homes, asking what measures the UK Government is taking to improve the situation and get more empty homes back into use. Read More...

Avoiding the Stamp Duty rush – get properties on the market by 26 September

11 September 2020

Propertymark has launched a consumer campaign telling sellers in England that the optimum date to be on the market by is 26 September. This will reduce the chance of missing out on the Stamp Duty holiday deadline of 31 March 2021. Read More...

Propertymark calls for RoPA Code of Practice to be strengthened

09 September 2020

Propertymark has responded to the Overarching Code of Practice for Residential Property Agents consultation, welcoming the proposals, and calling for the Code to be strengthened in four key areas to further support the industry. Read More...

Spring Budget 2020 - stamp duty, cladding, AML and more

Wednesday 11 March 2020

New Chancellor of the Exchequer, Rishi Sunak, has delivered a range of measures affecting the property industry in his first budget.

Stamp Duty Surcharge

A stamp duty surcharge of two per cent for non-UK residents will be introduced from 2021.

Quote mark

If introduced, this policy allows those in the UK to have a better chance at purchasing a home. However, overseas buyers tend to purchase properties in prime central London which are completely unaffordable to most homebuyers anyway. Therefore, this move will not help those that need it most.

Ultimately, by energising surcharges, it is likely that purchasers will factor this additional cost into any offers they make on a property so prices may be pushed down in areas where overseas buyers are purchasing.

Mark Hayward

Mark Hayward
Chief Executive, NAEA Propertymark

 

 

Economic crime levy

It didn’t make it into the chancellor’s main speech, but the ‘red book’ budget documents show that the government intends to introduce a levy – to be paid by firms subject to the Money Laundering Regulations – to help tackle money laundering and deliver the reforms in the Economic Crime Plan.

The levy will be additional to ongoing public sector funding, and the government will publish a consultation on the levy later this year.

Affordable housing and homelessness

The Budget sets out an ambitious package of investment to build high-quality affordable homes. This includes £12.2 billion for the Affordable Homes Programme and £400 million for Mayoral Combined Authorities and local areas to establish housing on brownfield land.

A £650 million rough sleepers fund will support people into permanent accommodation.

Cladding

A £1 billion Building Safety Fund will support the removal of unsafe combustible cladding. The fund will cover all types of cladding, not just ACM, on private and social buildings 18 metres and above. The funding is additional to the £600 million already made available for ACM removal. 

Business and infrastructure

The chancellor announced a £175 billion boost for infrastructure projects.

Entrepreneurs Relief’s lifetime limit will be reduced from £10 million to £1 million.

Flooding

£120 million will be allocated for repairing all damage caused by winter floods. A further £200 million will go directly to local communities experiencing repeated flooding for flood resilience.  Investment in flood defences will double over the next six years.

Coronavirus (Covid-19)

It is no surprise that plans for combating the spread of coronavirus took a prominent place in the speech. Much of this is not housing-specific but may benefit both smaller agencies and anyone whose tenants still need to pay them rent. 

SUPPORTING BUSINESSES THROUGH COVID-19

  • For businesses with fewer than 250 employees, the Government will fund Statutory Sick Pay (SSP) in full for two weeks – worth £2 billion.
  • Any firm that is currently eligible for the small business rates relief can apply for a £3,000 cash grant.
  • A coronavirus business interruption loan scheme will be introduced to cover the cost of salaries and bills. Loans of up to £1.2 million will support small and medium-sized businesses.

SUPPORTING TENANTS TO PAY THEIR RENT DURING COVID-19

  • Statutory Sick Pay (SSP) will be available from Day One (instead of Day Four) of any sick leave. 
  • SSP will be available for anyone advised to self-isolate, fit/sick notes will be available from NHS 111 with no need to travel to a doctor.
  • Those on Contributory Employment Support Allowance can claim from Day One instead of Day Eight.
  • Benefit claimants will not be required to attend Job Centres in person to claim, this can be done over the phone or online.
  • A £500 million hardship fund will be available for distribution via local authorities.

OTHER SUPPORT FOR TENANTS IN GENERAL

  • National Living wage 6.2 per cent increase – to reach 2/3 of median earnings by 2024
  • National Insurance threshold up from £8,632 to £9,500 from 2020/21 - giving 31 million people a tax cut, saving a typical employee £104.