Since the stamp duty holiday introduction last year, the property market has seen an influx of buyers taking advantage of the monetary incentive.
Instructions have been at an all-time high and conveyancers have been overworked and under immense pressure to hit the SDLT deadline for their clients.
So, by extending the deadline are we just delaying the cliff edge? Clients’ high expectations have been hindering the process for conveyancers, as naturally, movers want to benefit from the savings the SDLT holiday has to offer.
With the government introducing a mortgage guarantee scheme to support home buyers with a smaller deposit of 5%. Seeing a return of 95% LTV will undoubtedly see another influx of new instructions for conveyancers.
The government has also announced a new ‘Help to Grow’ scheme which consists of a £520m package to support smaller businesses in boosting their software, cloud technology along with management training. This approach welcomes firms to invest in advancing their technology which in turn makes them more productive and as a result, more profitable.
It’s been revealed that 130,000 businesses are expected to be eligible for support, and will be able to claim up to £5,000 each to secure a 50% discount on productivity-enhancing software.
The chancellor stated: “Our brilliant SMEs are the backbone of our economy, creating jobs and generating prosperity – so it’s vital they can access the tools they need to succeed. Help to Grow will ensure they are embracing the latest technology and management training, fuelling our plan for jobs by boosting productivity in all corners of the UK.”
inCase will be looking to be part of the Help to Grow scheme to actively support your firms future growth.