Possible Extension of Stamp Duty Holiday!

Reports are coming through that the chancellor is contemplating the possibility of extending the current stamp duty holiday until June 2021.

When next weeks budget is announced it is predicted by the times, that the stamp duty deadline will be moved from March until the end of June.

The stamp Duty threshold has been raised temporarily from £125,000 to £500,000 in England and Northern Ireland and has been increased to £250,000 in Scotland and Wales.

The scheme has been very successful.  Reports suggests that house prices have increased by their highest level since before the financial crisis of 2007.

The chancellor has also been urged to increase the thresholds permanently for primary residences or scrap them altogether for any purchases up to £500,000.

Another call has been to taper the end of the stamp duty holiday which would allow any purchases where mortgages have been approved by March 31^st and give them time to complete with an additional 3 months.

Based on the current sales that have been agreed in England this would mean 80% would pay no stamp duty.  If the reports are correct and the Chancellor decides to extend the existing stamp duty holiday; It has been estimated that an additional 300,000 transactions could benefit.

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Information sourced & for full article please visit Property Reporter  Sunak to extend stamp duty holiday to June | Property Reporter

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