Stamp duty holiday continues to help hundreds of thousands of jobs
House sales rose by 21.3% in September following the introduction of the stamp duty holiday – helping to protect hundreds of thousands of jobs in the housing sector and wider supply chain, new figures revealed today.
- Residential property transactions rose 21.3% in September following introduction of stamp duty holiday
- Rise in sales supports hundreds of thousands of jobs in the sector – with new homeowners also spending extra cash on decorating, furniture and appliances
- 33% of homebuyers plan to spend their savings from the tax break on home improvement and renovations, boosting business and jobs
After a 15.6% rise in August, residential property transactions in September rose a further 21.3% as more people decided to buy a new home or move house. The increase in transactions came after the Chancellor announced a stamp duty holiday at the start of July that will last until March next year.
The move has helped to protect hundreds of thousands of jobs, benefitting businesses across the housing supply chain and beyond, with the Bank of England estimating that households who move home are much more likely to purchase a range of durable goods, such as furniture, carpets or major appliances.
It is expected that among others housebuilders, estate agents, tradespeople, DIY stores, removal and cleaning firms could all benefit from the increased activity.