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<p>In response to Part 1: The Government has taken unprecedented measures to support
consumers, businesses and the wider economy. Many homeowners will benefit from these
measures.</p><p>The Government has strengthened the welfare safety-net with over £9
billion boost to the welfare system. The furlough scheme has been extended to the
end of March, with employees receiving 80% of their current salary for hours not worked.
The Government has also supported business during this time through the coronavirus
business interruption schemes, the bounce back loans and the future fund.</p><p>This
package of support also includes mortgage holidays for up to 6 months, and a moratorium
on lender repossession enforcement until 31 January 2021. These measures continue
to protect homeowners who have been affected by coronavirus from unaffordable costs
if they cannot work due to the coronavirus pandemic. <br> <br>The Government has also
taken substantial measures to support the housing market. We have introduced a stamp
duty holiday, with effect until 31 March 2021, raising the threshold for paying stamp
duty land tax from £125,000 to £500,000. We have kept the housing market open, with
clear guidance on how to conduct home buying and selling amid Covid-19 restrictions.
We have taken measures to ensure that the housing market and all associated activities
can continue during the current lockdown, and the housebuilding sector, in line with
the wider construction sector, will continue to operate and follow Covid-19 secure
guidelines. In combination, these measures have ensured a functioning and effective
housing market. There are currently high levels of transactions in the market. The
provisional seasonally adjusted estimate of UK residential transactions in September
2020 is 98,010, which is very similar to September 2019 at only 0.7% lower and 21.3%
higher than August 2020. <br> <br>In response to Part 2: the Government wants to see
the housing market diversify over the long term, regardless of short term movements
in house prices. We support community and self-builders, small and medium enterprises,
and those who are building homes in innovative ways. We have put in place initiatives
to diversify the market including the £2.5 billion Home Building Fund, which received
a £450 million boost in June, and the £1 billion ENABLE Build guarantee scheme. In
addition, we are supporting the Build to Rent sector with a £3.5 billion Guarantee
Scheme, driving up standards and quality across the private rented sector. Leveraging
in more private investment will help create skilled jobs and drive economic growth
while our ongoing planning reforms will reduce burdens on the construction sector.</p>
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