Big week ahead for home buyers as the Chancellor considers a Stamp duty holiday extension
A petition to extend the Stamp Duty Holiday for an additional six months has reached over 110,000 signatures, and the House of Commons has now confirmed that there will be a debate on the issue.
The Chancellor Rishi Sunak is currently considering an extension despite other reports to the contrary over the weekend. This will be a welcome relief to buyers, sellers, agents, conveyancers and sales progressors who are dealing with delays in the sales process.
The current deadline of the 31st March is only 10 weeks away, and with the average sale currently taking 16 weeks to go through, it is unlikely that its effects will be felt for much longer, and for those currently going through the process it is a very stressful time.
Sunday Times political editor Tim Shipman says the upcoming Budget on the 3rd March is unlikely to produce permanent changes to property taxation but he warns the treasury is considering long-term radical options including the possibility of scrapping SDLT completely.
This week will be a big week for many families who are already in the process of buying a property and if an extension comes through expect a huge sigh of relief from everyone involved and a probable upturn in sales agreed much like the boost that happened last year when the Stamp Duty Holiday was initially started.
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