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Stamp Duty Land Tax: Is an extension possible?

With the end of 2020 approaching, the property industry is reflecting on a difficult and unprecedented year. Concerns were raised in the early part of the year as the property market came to a halt. As a result of COVID-19, the industry was worried about the effect a national lockdown would have on the market. However, the Chancellor’s introduction of the stamp duty land tax holiday and the release of pent-up demand from homebuyers, kept the market moving. 

However, the sudden surge in the market created a bottleneck for completions. Industry professionals are working long hours to complete as many cases as possible in time for the deadline. But delays are being experienced across the board, from searches to surveys. With the stamp duty land tax break due to end on 31 March 2021, many buyers risk missing out on potential savings. 

With numerous homebuyers in the same position, a petition has now been published on the official Parliament website. Started by an individual named Jonathan Steel, the petition reads: “Extending the stamp duty holiday for an additional six months will assist many buyers who are looking to move to a property that they will not be able to afford otherwise. This will help to stabilise the housing market.” At the time of writing, the petition has over 19,000 signatures.

Previously, industry experts from 14 trade bodied came together to write to the government, formally requesting an extension of the stamp duty land tax holiday. According to an article published by Property Industry Eye, estate agents are starting to receive replies. MPs understand the want of an extension and are showing signs of support. 

How can Conveyancing Lawyers For You help?

Conveyancing Lawyers For You is here to help you. We deliver an exemplary online conveyancing and survey solution for your property transaction. To benefit from the savings before the current stamp duty land tax holiday, you must instruct a conveyancer as soon as possible. Contact us today to find out more about how we can help you!

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