It is being reported that the Stamp Duty Holiday is due to be extended in Rishi Sunak’s budget next week. Many industry representatives have urged the government to extend the holiday. This is huge news for anyone who has a purchase going through now, as it was touch and go if they were to make the deadline.
Assist the home buyers in the UK.
The main concerns were that potentially home buyers including both first time buyers and home movers would miss the deadline as conveyancers, lenders and estate agents are finding it difficult to meet the current deadline.
The rumours are that it will be extended until the end of June, but there is no talk on if it will be a hard deadline or if the stamp duty will be phased back.
Boost the property market.
In other reports, it was mentioned that Residential property transactions have been reduced by a reasonable margin in January compared to December as circumstances in the housing market showed signs of slowing down. This is manly due to the stamp duty holiday deadline. An extension to the stamp duty holiday would help the market to grow again.
Conveyancers struggling to meet the current deadline.
Conveyancers have rushed to help prospective buyers take advantage of stamp duty savings before 31 March when the temporary tax cut is set to end. They are finding it difficult to meet the searches deadline and arrange other tasks of the property purchase process. An extension to the stamp duty holiday would certainly help the solicitors to manage their work.
Use our stamp Duty Calculator to find how much you have to pay for Stamp Duty Land Tax.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up the mortgage repayment.
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