The temporary SDLT relief was designed to stimulate immediate momentum in a property market where property transactions fell by as much as 50 per cent during the COVID-19 lockdown in March. This has also supported the jobs of people whose employment relies on custom from the property industry, such as retailers and tradespeople. First time buyers will benefit from the increase in available properties and save up to an additional £10,000 in SDLT, on top of the £5,000 they could already save under First Time Buyers relief.
The Government will continue to monitor the market. However, as the relief was designed to provide an immediate stimulus to the property market, the Government does not plan to extend this relief.