Chancellor Rishi Sunak will be announcing on his budget plans next week that the stamp duty holiday will run until the end of June.
The #stampdutyholiday was due to end on March 31st 2021 and allows people to save up to £15,000 in tax and the Government has been urged to change the deadline as #homebuyers have been struggling to push sales through before the end of March.
#Rightmove has commented that if an extension was not granted around 100,000 property buyers could miss out on the saving as a result of delays caused by the high level of transactions before the March 31st deadline.
The property portal also said that an extension could save buyers around £1.75bn in duty, allowing another 300,000 transactions to complete within the extended holiday period.
It has been stated that house sales are at their highest level since 2007 following the boost to the housing market from the stamp duty holiday.
It has been reported also that house prices had risen 8.5% last year in a market rebound, however, sales appeared to slow down this year in the expectation of the end of the stamp duty relief.
Buyers are waiting for the good news; it will keep our residential property market moving and will support the economy from a macroeconomic point of view.
“Where there is no tax for a period of time, it will encourage free-market conditions, where someone will pay what they think something is worth; and on the flip side, someone will sell for what they think something is worth. It’s a fair deal for both sides.”
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