Stamp Duty Tax Holiday Encourages Home Buyer Renovation Projects

14% of Brits are now looking to purchase a property, with 59% inclined to take on a ‘do-er upper’, recent figures from Checkatrade suggests.

Many believe that the boost in the traditional moving season is down to the stamp duty holiday, announced by chancellor Rishi Sunak in June.

Potential home movers are now expected to save  an average of £5,219 per person, and many are choosing to reinvest their stamp duty savings  in home renovation and improvement.

33% of new homeowners plan to take full advantage of the tax relief as soon as possible, by starting works immediately after purchase.

“From unlocking the potential to take on a project through to giving buyers the means to immediatley make their mark on their new pad, [the stamp duty holiday] is great news for both would-be new homeowners  and tradespeople alike,” saya Mike Fairman, CEO of Checkatrade.

This stunning industrial conversion project won the Build It 2019 Best Renovation award. Check it out here

If you find the perfect renovation project, you have the opportunity to create your ideal home; often for a fraction of the price of a self build. Reinvesting the stamp duty savings into your property could be a very wise way to increase your new home’s value. Learn more: Complete Renovation Series

Checkatrade’s top 10 renovation plans to splash saved stamp duty cash on:

• Kitchen renovation – Learn more: 15 Kitchen Renovation Ideas
• New bathroom – Learn more: Bathroom Design Ideas for Renovators
• Living room
• Garden – Learn more: 7 Ways to Upgrade Your Garden
• Dining room
• Loft conversion – Learn more: Loft Conversion Projects: A Complete Guide
• Cinema and home entertainment
• Swimming pool – Learn more: Beginner’s Guide to Swimming Pools
• Outdoor entertaining space
• Workspace

Main image: Lynn Palmer Architects