Regional housebuilder Beal Homes has welcomed the huge stamp duty announcement in Chancellor Rishi Sunak’s summer statement.
The exemption was raised to cover all homes under £500,000 until March 31.
It was previously triggered for sales over the £125,000 mark.
Richard Beal, chief executive of the East Yorkshire-based firm, said: “This is excellent news for the housebuilding industry and the housing market.
“It will encourage more people to move house, which will generate significant new employment in the construction and property industries, including supporting the thousands of small businesses in the house building supply chain.
“There will also be a substantial positive ripple effect across other related sectors, such as furniture, carpet, fixtures and fittings businesses - as well as many other industries.”
The company has recently embarked on an 800-home development in Goole - the town Prime Minister Boris Johnson visited on Monday, where Siemens Mobility is building a £200 million train manufacturing plant, creating 700 jobs.
Based in Hessle, Beal itself employs a team of 150, including 80 skilled trades.
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Mr Beal added: “The house building industry is an absolute cornerstone of the 海角视频 economy and is directly responsible for so many community and societal benefits, so this announcement is certainly to be welcomed and could be crucial to the 海角视频’s recovery.”
Gary Croft, chairman of expanding Cleethorpes-headquartered estate agency Crofts, said it was good news for everybody.
“It is really going to help get things moving. People who would have been saving up may now be in a position to go forward, so we could see activity at a quicker pace.”
June was busier year on year as pent up demand was realised post-lockdown, Mr Croft said. “It has been an incredibly busy time,” he said. “There was a backlog of people who would have moved, then those coming to market too.”
He was pleased to see it not be a prelude to an autumn announcement, fearing that would slow down the market, with another eye on the furlough scheme ending and potential redundancies stifling sales then.
Another key plank of the statement was the focus on eating out, with a 75 per cent VAT take-away for food and the additional bonus of the early week 50 per cent discount, labelled Eat Out to Help Out.
Seafood massively over trades in this sector, having enjoyed an uplift already as venues re-opened from the weekend on.
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Simon Dwyer, of Seafood Grimsby & Humber, said: “We saw an uplift last week with the businesses involved in food service and this type of initiative will only help them.
“There was more fish in this week from Iceland and Norway and a full auction market too, which Grimsby needs.”
The town’s fish and chips is a popular choice at The Curious Cat, part of Liz Parry’s Abbys Group.
Pleased to see hospitality being given such attention, the chair of the area’s Visitor, Services and Retail Economy group - taking in the resort of Cleethorpes - said: "The VAT move is excellent and the voucher scheme will be good, and serve as a kickstart to the other half of the week. People are still apprehensive and you can lose a lot of money if you open on a Monday and don’t see anyone come in.”