Today, Wednesday the 8th of July 2020, Chancellor Rishi Sunak announced a very welcomed Stamp Duty Holiday for all properties within the UK up to a value of £500,000. The announcement comes as part of the UK Government’s emergency mini-budget as they work to support businesses and the general economy following the COVID-19 pandemic and the closure of many businesses for almost four months.
Claire White, Marketing Director at Why Media comments: “This is a very welcome change which is expected to boost the UK property market almost immediately. Many of our clients are heavily involved in the residential property market and despite being back open since the beginning of June, they have been hard hit due to buyers being fearful of their job security and fears of a severe recession as part of the backlash of lockdown. Due to the location of our clients within this sector, giving a stamp duty holiday for properties under half a million is a real shot in the arm as it now means that a majority of their properties on the market have in effect had a price reduction without affecting the seller.”
Why Media also supports a number of Shopping Centres both in the UK and Europe, and today's announcement to support those within the retail and hospitality industry with VAT cuts and subsiding incentives to encourage people to go out and eat in August, we are hopeful that those too will receive a much-needed boost.