Alistair Darling’s pre-budget report in which he announced that the current stamp duty holiday would not be extended into 2010 is likely to stimulate a significant uptake in the home improvement market, if not the property market, according to Ratedpeople.com, the UK’s largest matchmaking service for home owners and recommended tradesmen.
The stamp duty holiday, which increased the threshold for the 1% tax on property purchases from £125,000 to £175,000, has been in place since September 2008; a move by the Chancellor to stimulate movement within the property market, particularly for first time buyers.
However, whilst first time buyers were dealt a blow with news that the holiday would be coming to an end, the announcement looks set to further encourage the home improvement market as home owners look to avoid any potential tax payments by improving rather than moving.
Ottokar Rosenberger, Director of Sales and Marketing at Ratedpeople.com, said: “The news from the Chancellor is not exactly great news for the property market as a whole. By ending the stamp duty holiday, there is less incentive for people to buy and it is less likely people will be able to secure mortgages.”
However, Ottokar Rosenberger continued by identifying that the end of the stamp duty holiday was not entirely negative: “. As fewer people look to buy and sell, an increasing number look to improve their current living conditions by embarking on a range of home improvement projects”.
According to the Council Of Mortgage Lenders, an estimated 132,500 house purchase mortgage transactions avoided paying the 1% stamp duty tax since the break was introduced in September 2008; a move that was expected to promote growth within the property market.
Ratedpeople.com helps home improvers find recommended tradesmen quickly and easily. You can choose from 24 different trades and find tradesmen such as local electricians, garden designers or recommended carpenters.
Every month, Ratedpeople.com manages over £30m in home improvement projects with more than 1,000 tradesmen signing up, making it the UK’s largest match making service for home improvers and recommended tradesmen. There are more than 55,000 ratings on Ratedpeople.com to date and its system ensures that tradesmen are only rated by previous customers who find them through the site. This results in one of the fairest and most robust rating systems on the web.
For further information on how to source a recommended tradesman in your area, visit Ratedpeople.com.
