Rishi Sunak's summer statement this week is eagerly anticipated. Many suspect that the Chancellor will use this to announce certain targeted measures. One that would benefit the residential property industry and individuals would be an SDLT exemption on the purchase of new homes (with a purchase price of up to £500,000), for a period of (say) six months.
Another measure I would advocate would be a permanent 5% (or zero rate) VAT charge on refurbishment and works that improve the energy efficiency of homes and reduce the carbon foot print of existing buildings. Such a step would be an indication that the UK Government is serious about working towards the promised "green recovery".
Conservative MP Alberto Costa, in a written question to the Treasury asked about the "potential merits of introducing a stamp duty holiday for people purchasing new homes as a means of stimulating the economy after the covid-19 outbreak".