Recent reports in the Daily Telegraph suggest that Rishi Sunak is considering an extension of the Stamp Duty Holiday Deadline, currently set for 31st March, for another six weeks. The Chancellor, under pressure from industry groups and the massive demand in properties over recent months, has decided to take action; which would mean buyers and sellers have until the 12th May to complete, whilst still saving on Stamp Duty.
Andrew Stanton an industry consultant suggests that the extension is relatively simple and be beneficial to all involved; “I think this is a fairly easy-to-police idea – regardless of when an offer was made or accepted, buyers and sellers will have been given a hard-stop final date – and anyway, most people who made an offer based on the SDLT savings last year will be able to their deal over the line now.”
Over recent weeks, parliamentary debates have taken place, discussing the extension of a stamp duty holiday, as well as the growing strength of a parliamentary petition, calling for an extension, which has almost 150,000 signatures are all to have pressured the government into exending.
No Need To Panic
But many agents are not convinced the 31st March deadline will be the catastrophe many have predicted.
“There’s seems to be this overarching opinion that the world will stop turning once the current Stamp Duty holiday expires and this is quite frankly ridiculous,” says Colby Short, CEO of GetAgent.
“The idea that the 31st March will act as a property market Armageddon, at which point all existing and future transactions will cease to exist, is just bonkers.”
Thinking Of Selling Your Home?
With an incredibly buoyant market, there has never been a better time to sell you home; an extension of the stamp duty will only improve things further. Speak to us today, for a free, no obligation property valuation.