Stamp Duty Extension?

There is a glimmer of hope relating to the stamp duty holiday, please read our blog to get our view on the latest.

You may or may not be aware that on Monday the 1st of February, Parliament debated the impending cliff edge of the stamp duty holiday. Unfortunately we are no clearer as to what they will decide and they have left us hanging. However, one comment by a senior minister suggests movement towards a potential ’phased finish' rather than ending entirely on March 31^st.

Monday’s debate was notable for the almost complete agreement of MPs from both the Conservative and Labour sides that an extension of some kind was necessary. This is extremely positive and does point to some light at the end of the tunnel.

After the debate Mark Hayward - Propertymark’s chief policy adviser - issued a statement saying: “We welcome the important debate on the issue of the stamp duty holiday, and are pleased to see that there is clearly cross-party support for a holiday extension or tapered end given the concerning cliff-edge is now only two months away “

The housing market boom, caused by the stamp duty holiday, has been hugely beneficial; however, the stamp duty cliff edge on the 31st March could cause thousands of sales to fall at the final hurdle and have a knock on and drastic effect on the housing market which has recovered well from the Covid slump, he continued:

“We are continuing to call on the government to rethink these timings, so pressure on the system can be released to allow transactions to complete and avoid a disorderly and distressing period for movers and businesses throughout the market.”

As it stands the stamp duty holiday will end as planned on March 31^st, any decision to change this is expected to be announced along with the budget on March 3^rd.We will obviously update our clients with any further news as we hear it.

The sales market locally is still ticking along nicely and although viewing levels are not what they were and there is an argument to say prices are starting to drop ever so slightly, we are still selling property consistently.

If you are thinking of selling or letting your home or just curious about the price please do use this link to book your no obligation market appraisal - https://gibsonhoney.co.uk/book-a-valuation/

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