Summer Statement 2020.
Commenting on the Chancellor’s Summer Statement, Jan Crosby, UK head of infrastructure, building and construction at KPMG, said:
“The stamp duty cut until 31 March will be welcomed by the housing sector and those looking to move house. However, the market has already been motoring since lock down has been relaxed – pricing has remained stable and new reservations have been high. This has demonstrated the large pent up demand that still exists for home ownership and it has been accelerated towards family housing with gardens following people’s experiences through lock down. The stamp duty cut may therefore not have been needed. More important is providing longer term clarity on help to buy, unlocking funding for SME housebuilders to play their part – many of whom have not been supported through CBILS and accelerating the provision of affordably priced key worker family accommodation across the country.
“Energy efficiency retrofitting has long been needed and the funding of £5,000 per household to kick start decarbonising existing housing stock is welcome. It should also have the double impact of providing funding to create the volume conditions needed to help with the maturing and perhaps lowering of price of energy efficiency technologies, while facilitating jobs for SMEs in the sector. All this comes alongside the welcome impact on the carbon footprint of existing UK housing, of course.”
Follow us on twitter: @kpmguk
For media enquiries only, please contact:
Simon Wilson, KPMG Corporate Communications:
T: 0207 311 6651 / 07785 373397
KPMG’s Press Office: +44 (0)207 694 8773
KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 17,600 partners and staff. The UK firm recorded a revenue of £2.40 billion in the year ended 30 September 2019. KPMG is a global network of professional firms providing Audit, Tax, Legal and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
© 2021 KPMG LLP a UK limited liability partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.