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<p>The temporary increase in the Stamp Duty Land Tax nil rate band was designed to
create immediate momentum within the property market, where property transactions
fell by as much as 50 per cent during the COVID-19 lockdown. The downturn in the market
meant that the future was uncertain for many people whose jobs relied on custom from
the property industry. There are already early signs that demand and transactions
have increased, and are continuing to rise, since the increase to the SDLT nil rate
band was announced in July.</p><p> </p><p>As the relief was designed to provide an
immediate stimulus to the property market, the Government does not plan to extend
this relief and will continue to monitor the property market.</p>
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