Chancellor Rishi Sunak is taking credit for saving thousands of agency jobs through increased transactions prompted by the stamp duty holiday.
A statement from HM Treasury says the 21.3 per cent rise in transactions in September over August this year “came after the Chancellor announced a stamp duty holiday at the start of July that will last until March next year.”
And it adds the holiday is supporting “hundreds of thousands of jobs in the [property] sector.”
The statement directly mentions estate agency as one industry benefitting, and goes on: “The move has helped to protect hundreds of thousands of jobs, benefitting businesses across the housing supply chain and beyond, with the Bank of England estimating that households who move home are much more likely to purchase a range of durable goods, such as furniture, carpets or major appliances.”
In addition to agents, the Chancellor claims his move is helping save jobs amongst house builders, tradespeople, DIY stores, removal and cleaning firms.
Sunak himself says: “With a third of Brits [sic] planning to spend savings from the tax break on home improvements and renovations, the temporary stamp duty cut is boosting business and protecting jobs. This ranges from carpenters to cleaners, brickies and decorators, they can all benefit from each sale – helping us to further deliver on our Plan for Jobs.”
The government says the holiday means nine out of 10 people “getting on or moving up the property ladder” will pay no SDLT at all.
This measure delivers an average saving of £4,500 in SDLT it claims.
The statement concludes by saying: “The government wants people to feel confident to move, to buy, to sell, to renovate, and to improve their homes, driving growth and supporting jobs.”