Stamp Duty Extension?

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 31st.

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 31st, any decision to change this is expected to be announced along with the budget on March 3rd. 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/


Get in touch with us

Do you still need to depersonalise your house before selling?

You've decided to move. So, before you arrange a valuation, should you pack up all your personal items, hide family photos and paint the whole house white? Read this article to find out how you can prepare your home for sale to maximise its value without removing all traces of your family.

CLICK HERE >

What to Look for in a Buy-to-Let Property

If you have some savings languishing in the bank, you might have considered investing in property. But how do you know if your savings will be safe and your rate of return worthwhile? It is all in the purchasing of the property at the outset of your investment journey. This article will show you how to pick the right house for a lucrative future in property investment.

CLICK HERE >

Help! My buyer has just pulled out of the sale without warning - what should I do?

It can be devastating to get the call from your agent to say your buyers have pulled out. This article offers a helpful insight into what you can do to get your move back on track.

CLICK HERE >

Master the Property Chain - Tips for a Smooth Home Sale

Accepting an offer on your property is very exciting, but it is only the middle of the process. This article shares ways that you can ensure the legal process is smooth when there is a chain of connected properties so that you can be sure to get to moving day.

CLICK HERE >