It is expected that the current stamp duty holiday may be extended until June 2021.
As many in the industry know, the stamp duty holiday and lockdown restrictions have created a demand and backlog of property transactions. A potential extension of the stamp duty holiday could benefit many buyers who could save as much as £15,000.00 in costs.
An extension will relieve some of the pressure on many buyers, estate agents, solicitors and removal companies to enable property transactions to complete without the looming deadline of 31 March 2021.
It is not currently known how an extension would take effect. It is unclear whether an extension would apply to all property purchases or whether there will be some restrictions in place.
Whilst an extension may be welcomed by many, it is clear that the stamp duty holiday will come to an end at some point. Whilst pressure may be eased in March 2021, it is likely that there will be the same pressure to complete purchases in June 2021.
We eagerly await the Chancellor’s 2021 budget on 3 March 2021 for further information.