Stamp Duty Land Tax: Coronavirus

(asked on 6th November 2020) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment he has made of the effect of the stamp duty holiday on the housing market in Northern Ireland, and if he will make an assessment of the potential merits of extending that stamp duty holiday beyond March 2021.


Answered by
Jesse Norman Portrait
Jesse Norman
This question was answered on 16th November 2020

SDLT transactions in Northern Ireland have reached similar levels to this time last year and, in August, average house prices had risen over the year by 3%.

The temporary increase in the Stamp Duty Land Tax nil rate band was designed to create immediate momentum within the property market, where property transactions fell by as much as 50 per cent during the first COVID-19 lockdown. The downturn in the market meant that the future was uncertain for many people whose jobs relied on custom from the property industry. There are already early signs that demand and transactions have increased, and are continuing to rise, since the increase to the SDLT nil rate band was announced in July.

As the relief was designed to provide an immediate stimulus to the property market, the Government does not plan to extend this relief and will continue to monitor the property market.

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