Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the effect of the Stamp Duty holiday on the number of second homes purchased in rural communities.

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 COVID-19 lockdown in March. The downturn in the market meant that the future was uncertain for many people whose jobs relied on custom from the property industry. Since July, the SDLT holiday has supported about 640,000 residential property transactions in England and Northern Ireland.

Purchases of second properties are still liable to pay the higher rate of SDLT for additional dwellings, which is three percentage points above the standard rates.