News

Articles from the Silver Shemmings Ash Team on contractual matters, recent case law changes and items of interest in the construction and property world

Kick-Start For The UK Construction & Residential Property Markets!

July 8, 2020 | Silver Shemmings

The Chancellor today announced a series of measures to attempt to kick-start the UK construction and residential property markets.

In order to counter the damaging effects of COVID-19 on the UK’s construction and residential property markets, the Chancellor of the Exchequer Rishi Sunak has just announced that individuals buying residential property up to the value of £500,000.00 will pay no stamp duty at all. The 3% higher rate for purchases of additional dwellings and purchases made by UK corporations applies on top of revised rates during this period.

This will take effect for properties completing from today, 8th July 2020 and will last until 31st March 2021 and will apply to the granting of new leases.

Estate agents could now see a surge in demand for properties overnight as would-be buyers looking for new home to live in could potentially stand to make a stamp duty saving of up to £10,000.00. This will mean that 9 out of 10 people will pay no stamp duty at all and the average stamp duty bill will fall by £4,500.00.

It has come as a welcome relief that these changes have been implemented immediately. It was feared that if the changes were to come into effect in the Autumn then there was a risk of freezing the very small momentum that the market had picked up in the last few weeks since the property market re-opened.

If you would like advice on what todays announcement could mean for your purchase or need a property lawyer to act for you in regard to the sale or purchase of a residential property then please contact Mohammed on mohammedkalam@silverllp.com

Author Mohammed Kalam has been working as a fee-earning Paralegal for the last five years acting for housing associations, charities, developers and high net-worth individuals

 


Drop us a message

You're in the right place! Just drop us a message. How can we help?

 Email us now

Or see contact page
Validation error occured. Please enter the fields and submit it again.
Thank You ! Your email has been delivered.

Silver Shemmings Ash

 

You are very welcome to this firm’s seminars and training sessions and to read the firm’s articles and publications.

At seminars and training sessions, you are welcome to take away the materials provided. However, please note that attendance and receipt of any materials during the course of a seminar or training session shall not constitute legal advice and no lawyer-client relationship is created by attendance or receipt of any information, be it in printed form, electronic or any other medium, including verbal.

No answer to a question at a seminar or training session constitutes legal advice and no lawyer-client relationship is created between any person, including an individual or company asking the question and the person answering it. Where appropriate, you should consult a lawyer for legal advice and this firm would be happy to assist in that regard.

You should not disclose confidential information to a member of this firm unless you are already a client of this firm and have been provided with a letter of engagement. We do not owe you a duty of confidentiality until you have signed a letter of engagement with this firm.

Silver Shemmings Ash are currently running all Seminars as online events in line with Government advice.

We are happy to answer your questions or provide free initial advice on your construction matter, please click here to send us your query.