There has recently been a campaign launched asking the government to introduce what has been described as a ‘Property Sector Support Package’. The aim of the package is to kick start the property market since lock down.
The main points detailed in this campaign are
- Contactless viewings
- A loan of £1,500 for buyer who complete a purchase
- A SDLT (Stamp Duty Land Tax) Holiday
The campaign identifies all the following measure will be adhered to with regards to contactless viewings, ensuring people are protected from coming into contact with people.
- Back to Back viewings will not take place
- Viewings will not take place in a property where one of the residents have symptoms of covid-19
- Viewers will wait in their cars until they are told they can enter the property
- All vendors will ensure all cupboards are open, lights on, and no direct contact is made with anyone hosting or attending the viewing
The document then goes onto explain what the government could also consider to kick-start the market, these are
- A six-month holiday break on all SDLT transactions and any other tax’s involved in a residential property transaction. This element would have a huge effect on the market especially with people wanting to upsize and therefore introducing to the market more first-time buyer properties.
- A cash of incentive of £1,500 to any homebuyer in the form of an interest-free loan, which has to be paid when the buyer sells the property. Therefore, this is not a grant as the money will come eventually come back into the system.
The campaign goes onto state that more than 1 million homes are bought and sold every year in the UK.
People have to consider its not just the estate agents, solicitors and mortgage brokers who will be affected by a significant drop in property transactions. There are figures which state the impact on DIY and home removals could be in excess of £8 Billion.