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Stamp Duty Holiday

 

Stamp Duty Holiday - will they or won't they?

On the 2nd February, thousands of people tuned into watch a virtual House of Commons debate about the Stamp Duty holiday, which had been called in answer to a petition that gained over 120,000 signatures.

Eagerly watching and waiting for some hint of an extension, we were all sadly left disappointed as Treasury minister Jesse Norman MP remained tight-lipped about any changes.

Norman said he would be unable to make further comment due to the political convention of the Government not making formal announcements outside of the Budget, which is next due in March.

During the debate, both Conservative and Labour MPs supported an extension and raised concerns that if the deadline wasn’t extended, it could have a “devasting impact” on the property market, pushing it over a “cliff edge”. Several MPs also commented on having huge numbers of constituents approaching them worried about the looming deadline.

After listening to each MP’s opinions, Norman made a final comment. Norman’s final comment included a quick mention of Scotland and Wales deciding not to extend the tax relief. This passing comment left many people believing that England would follow suit and nerves started to rise.

Since the debate however, it has been widely rumoured that Chancellor, Rishi Sunak, is actually considering an extension to the tax break amid fears of a ‘cliff edge’.

This rumour has given buyers and sellers a new glimpse of hope and once again started the ‘will they, won’t they’ conversation.

New research from Rightmove revealed exclusively to Homes & Property earlier this week, shows that between 12,000 and 16,000 buyers will benefit if the Chancellor keeps the window open for just another six weeks.

Tim Bannister, resident property data expert at Rightmove, commented: “We know the stamp duty holiday intended as a temporary stimulus for the market, but the delays we’ve seen in the home-moving process have been through no fault of the buyers and sellers who agreed a sale last year and who are now desperately trying to get their deals over the line.”

Whilst rumours provide hope, it’s important for anyone currently purchasing a property which may not complete before the deadline on 31st March to start preparing should an extension not be given.

The next update is expected during Chancellor Rishi Sunak’s Spring Budget on Wednesday 3rd March.

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