A third of Brits plan to spend stamp duty savings on new home spruce ups
August 27, 2020
Get Inspired! Check the latest industry expertise and read insider tips from our vetted tradespeople.
Have you completed a project recently? Let your tradesperson know how they did.
We interview and vet all our tradespeople to ensure they meet our high standards.
Grow your business! Check out top tips and expert advice for boosting your reputation online.
Join us and benefit from the millions of potential customers who use Checkatrade to find reliable tradespeople.
Edit your profile, view callback requests and ask for feedback from customers.
August 27, 2020
New research from Checkatrade reveals how 11% of Brits hope to purchase a property following Chancellor Rishi Sunak’s announcement of a temporary Stamp Duty Holiday in June. Potential home movers expect to save an average of £5,219 per person. The study of more than 2,000 British adults found a third (33%) of people plan to spend the ‘extra’ cash on home improvements and renovations and are hoping to reinvest an average of £4,734 each on making the house feel like a home.
Kitchens (40%) and bathrooms (30%) take top billing but the recent relative importance of outside space is clear with almost a quarter (24%) keen to spruce up the garden, 18% planning a new patio or outdoor dining space and more than one in ten (11%) with eyes on an outdoor workspace. Plus, not content with the more classic renovations, many are also willing to splash the cash on wow features such as a cinema (12%) or swimming pool (11%). Not only that, but three in five (59%) said they’d be more likely to buy a ‘doer-upper’ as they’d have more to spend on putting their own stamp on a project purchase, meaning a buying boost to a broader range of property types.
With demand for new homes rising across the UK, Jamie Scotto, 35, working in HR at a charity in London, is a first-time buyer who is in the process of buying a new flat and has saved approximately £5,000 thanks to the stamp duty holiday.
“The stamp duty holiday has come at the ideal time for me as a first-time buyer. We were thinking we’d have to wait quite a while to get started on any home improvements as we’d maxed out our budget on buying the house. So, it feels like such a win to know we have some extra cash available and can get cracking on immediately making our house our home. We’re going to totally revamp the bathroom but then I’m hoping we might also be able to replace the boiler ahead of the Winter too.”
Mike Fairman, CEO of Checkatrade, said,
“Savvy Brits are clearly planning to make the most of the stamp duty holiday with many buyers already planning to reinvest the money saved back into their homes. From unlocking the potential to take on a project through to giving buyers the means to immediately make their mark on their new pad, it’s great news for both would-be new home-owners and tradespeople alike.
“To help Britain’s buyers plan how to spend their stamp duty savings, Checkatrade has created a series of simple guides to give homeowners a helping hand including ones on: kitchen fittings, loft conversions and bathroom installations. They each provide an idea of average costs and turnaround times when you’re getting the professionals in to perfect your new place.”
Find your local builder
Recommended, vetted and monitored
After months of hard work finding builders, architects and structural engineers, then deciding the minute details of your building project, a planning refusal from your local authority can be a blow. We’ve asked the consumer advice website HomeOwners Alliance what to do next. Obtaining planning permission continues to be a huge barrier to homeowners getting...Continue reading
New research from Checkatrade reveals how 11% of Brits hope to purchase a property following Chancellor Rishi Sunak’s announcement of a temporary Stamp Duty Holiday in June. Potential home movers expect to save an average of £5,219 per person. The study of more than 2,000 British adults found a third (33%) of people plan to...Continue reading
Holiday homes are the latest trend to arise from lockdown, suggests new research from UK’s leading trade directory Checkatrade,* with 30% of Brits considering letting their homes out to staycationers this year. They stand to make a potential £986 million from the Brits planning to splash the cash on holidaying in the homeland this year....Continue reading