Extension Could Run To June
It is believed that Sunak is looking to keep the property market booming, post lock down, as the economy recovers from it’s Covid stagnation.
This will be good news for the thousands of sales that are currently undergoing Conveyancing, which have seen a ‘pinch point’ over the last few weeks. Rightmove estimates that an additional 300,000 sales could benefit from the saving in England alone, based on previous HMRC data.
“Currently, Rightmove estimates that 100,000 buyers who agreed a purchase last year are set to lose out, if the deadline stays as 31st March,” a spokesperson says.
Falling Inline With UK Road Map
At the moment, the UK housing market is facing a stamp duty ‘cliff face’, which will be moved to June 30th, allowing the market to align with the final easing of restrictions as laid out by Boris Johnson in his recent Road Map announcement.
The leaked document, ahead of Sunaks 3rd March Budget Statement also suggests that Ministers have been listening to the property industry. Since the turn of the year, Agents, Conveyance Solicitors and Lenders have pushed for stamp duty extensions to ease sales progression and keep thousands of buyers from missing out on lucrative savings.
The extension is more good news for the, currently buoyant UK market, which has been strong during easing of restrictions.
The Best Time To Sell
With such a strong market and increase in buyers, there’s never been a better time to sell. Speak to us if you’re thinking of selling your home. Our team can lead you through the entire selling process, as well as advise on how Stamp Duty Holidays can affect your sale.
Contact us for a free property valuation, or to find out more about selling your home during lockdown.
