< Back to blog

Stamp duty holiday could be extended by six weeks Posted On 17 February 2021

 

 

 

 

 

 

 

With the Stamp duty holiday deadline looming, Rishi Sunak is considering extending it by six weeks

 

News regarding the Stamp duty holiday has been quiet recently, however, according to The Telegraph, Chancellor Rishi Sunak is considering extending the holiday until mid-May.

There are fears many buyers could fail to meet the current March 31st deadline to take advantage of the relief, which raised the minimum threshold for paying the tax from £125,000 to £500,000.

There is no news when the potential announcement could be made, however, the news that the chancellor is still contemplating the extension offers a glimmer of hope not seen since the high-profile petition was originally accepted for debate last month.

The Stamp duty holiday has been one of the catalysts for the strong property market seen last year and into the start of 2021 alongside the pent-up demand from the first lockdown and the change of priorities of buyers regarding outdoor space and home offices.

Miles Robinson, head of mortgages at online mortgage broker Trussle, said: “The news that the Chancellor of the Exchequer, Rishi Sunak, is considering a six-week extension to the stamp duty holiday offers a glimmer of hope to buyers racing to beat the current deadline of 31st March.

“The stamp duty holiday has caused unprecedented demand within the market. At Trussle, we saw a 63% increase in mortgage applications in December and a 15% increase in January, when comparing the same periods year-on-year.

“However, the surge in demand has triggered long delays in the processing of transactions. It currently takes 134 days to complete on a property in the UK, and it’s been reported that one in five buyers are facing more than a six-month wait for completion. Therefore, a potential six-week extension could prove invaluable to the estimated 100,000 property purchases currently underway.”

Like and follow our page to get all the up-to-date Stamp duty holiday news as it happens…

< Back to blog

Connect with us

Recent Posts

Chippy with starring role in EastEnders, TOWIE to reopen

Same owners, different ‘plaice’ for popular business   A hugely-popular family-run fish and chip business, made famous by EastEnders and The Only Way Is Essex, is preparing to re-open next month after two years in cold storage. Ye Olde Chippy in Southend-on-Sea formerly operated from premises on Marine Parade where they served everyone from visitors, …

Read more...

Stamp duty holiday set to be extended for three months

Chancellor making preparations to extend the stamp duty holiday until the end of June   With the deadline of the stamp duty holiday approaching, Chancellor Rishi Sunak has been drawing up plans to extend it for a further three months until the end of June. The move will benefit those with purchases still going through, …

Read more...

Breaking News – Stamp Duty Holiday extension

Stamp Duty holiday to be extended until the end of June Great news for buyers today as Rishi Sunak is set to announce an extension of the Stamp Duty Holiday. The extension will run until the end of June and will come as a relief to those with purchases going through and will surely prompt …

Read more...

Motivation: It’s an attitude thing

Are you struggling to keep your motivation up working from home? Here are some helpful tips to keep you at your best.   A lot of us have been working at home for nearly a year now. Some are lucky and have a natural motivation, while others may struggle, perhaps without other people in the …

Read more...

End of homeschooling to increase the number of properties coming to the market

Buyer demand and house prices rising and new properties coming to the market are expected to rise in line with the schools going back   The latest study by Rightmove shows that demand from buyers is growing, with numbers so far this year way ahead of last year, however, buyer demand is outstripping new supply. …

Read more...