Stamp Duty Holiday: Extended
Rishi Sunak has today announced that the stamp duty holiday has been extended until 30th June 2021.
There will also be a tapered approach until 30th September 2021.
What does this mean?
Well, it is a welcome relief for those purchasing less expensive properties…
“In terms of conveyancing it will mean that there is not as much of a widespread panic in terms of exchanging contracts and completing on time.”
For 3-bed home sellers, it will mean that they won’t be forced to drop prices to take into account the original stamp duty holiday end date.
In terms of conveyancing it will mean that there is not as much of a widespread panic in terms of exchanging contracts and completing on time.
Conveyancers are already incredibly overloaded with current work, which is a positive for them, but many property purchasers were sure to miss out if the original stamp duty deadline was to remain unchanged.
If 3-bed property purchases (and therefore sales!) fell through, it would have had a rather large impact on estate agents/ selling agent, property finders & home buying specialists like ourselves, as well as developers, builders, etc.
Given the current economic situation it makes a lot of sense to extend the stamp duty deadline to 30th June 2021.
Let’s see what happens over the coming weeks and months…