Latest News

Clarity provided for agents in North of England

03 August 2020

On the evening of Thursday 30 July, the UK Government announced a tightening on restrictions for some areas within the North of England in order to protect against the risks to public health arising from Coronavirus. Read More...

Ten new courts unveiled to tackle evictions proceedings backlog

30 July 2020

The Lord Chancellor, Robert Buckland announced on 19 July 2020 the locations for ten ‘Nightingale Courts’ which have been rapidly set up with the aim of tackling the impact of Coronavirus on the justice system. Read More...

Demand from tenants and rental supply highest on record for June

30 July 2020

ARLA Propertymark’s Private Rented Sector (PRS) June report saw the number of new prospective tenants continue to rise, following the Government’s COVID-19 lockdown, with the average branch registering 79 new tenants, compared to 70 on average in May. Read More...

Additional dwellings higher stamp duty still applies

Wednesday 08 July 2020

On the back of The Chancellor, Rishi Sunak’s, announcement today, 8 July, on the temporary overhaul of Stamp Duty Land Tax (SDLT), landlords wishing to buy an additional home to rent will still have to pay the additional higher rate.

When purchasing a property as a main residence between 8 July 2020 and 31 March 2021, SDLT is only paid on the amount the property is purchased at above £500,000. These rates apply whether buying a first home or for those that have owned property before. However, for anyone wishing to purchase an additional property between that time, they also won't have to pay standard rates of SDLT, but will have to pay the additional higher rates: 

  • Three per cent – properties up to £500,000
  • Eight per cent – properties priced from £500,001 to £925,000
  • 13 per cent – properties priced from £925,001 to £1.5 million
  • 15 per cent – the portion or properties above £1.5 million

Government announcement 

Propertymark campaigning

Propertymark called for a temporary reduction in property tax as part of a UK Property Support Package earlier in the year, and welcomes the development, having worked with Government departments to find ways to sustain the property market. We wrote to the Chancellor in May of this year, asking him to create a stimulus package, including a SDLT holiday, to help re-activate the housing market in light of the Coronavirus pandemic.

Today's announcement demonstrates our continued discussions and work with the Government in order to find ways to boost the property market. Propertymark is pleased that this latest campaigning success follows our other successful work on business rates relief, including commissioned staff within furloughed pay, and other support for the industry as the economy reopens.

Propertymark continues to work with the Government in the interests of our members to ensure that the needs of the sector are met.