Today we wanted to chat about the economy. It came as a surprise when Rishi Sunak announced his Winter Spending Plan that the stamp duty holiday wasn’t extended. Many people expected it to be. Maybe it still will be – nobody actually knows or can confirm either way yet!
In the bigger scheme things, many people see the housing market as one of just a few industries that is doing well and their are certainly many other industries that need a boost more than we do – hospitality being a major one. Thankfully retail can we re-open next week.
However what many people fail to realise is just how important the housing market is to the wider economy.
For every residential property resale across Lancaster, Morecambe and the rest of the country, an average of £9,559 is added to the UK economy. That is an estimated £6bn added to the UK economy so far this year.
On average £5,400 is spent on renovations and new household goods, £3,100 on estate agency and legal fees and the rest comes from spending on removals and property surveys. This figure of course, does fluctuate dependent on the size and value of the property. We are talking averages!
The housing market also helps support jobs, per 100,000 transactions a total of 11,557 jobs are directly or indirectly supported. These jobs range from professional services (solicitors, mortgage brokers, removal companies) retail (think homeware stores, DIY stores, gift stores, garden centres etc) and also those in the building trade (plumbers, builders, electricians, gardeners etc..)
Rightmove estimate that there are 650,000 sales going through the buying and selling process, 67% more than at the same time in 2019. This will be a huge and much needed boost to the UK economy.
If you are thinking of moving and would like to beat the stamp duty deadline, please get in touch. At JDG we are help to help. Call us on 01524 843322 or email me at michelle@jdg.co.uk
Thanks for reading
Michelle x