The Stamp Duty holiday may not be extended beyond 31 March after Rishi Sunak failed to mention any updates in the latest spending review.
The review failed to mention any changes on a potential extension for the current stamp duty tax break. However, it’s important not to rule out any potential announcements of an extension on the stamp duty tax break in the future. Experts say greater clarity is needed as the stamp duty break deadline is only four months away.
Conversely, this news comes after the government announced the launch of a £7.1 billion national Home Building Fund. A new Help to Buy scheme will also be available as part of the Affordable Homes Programme.
Rob Houghton, CEO of reallymoving, said: “Thousands of homebuyers up and down the country are facing the prospect of missing out on the stamp duty holiday if their purchase doesn’t complete by 31st March.”
“In practical terms we will see a rapid worsening of the current bottleneck in the conveyancing process as everyone rushes to complete by the deadline, with many transactions inevitably delayed as solicitors struggle to cope. This will cost buyers thousands in stamp duty they haven’t budgeted for, in many cases making the move unaffordable and causing chains to break down.”
Bryan Mansell, co-Founder of property website Gazeal, commented: “An extension to or gradual tapering off of the stamp duty holiday would help to ensure that consumers don’t miss out on significant tax savings and the pressure on property professionals is reduced. Extra breathing space would also help the industry to work through a huge backlog of transactions built up in recent months.”
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