Rishi Sunak, England’s Chancellor of the Exchequer, has put a deadline of March 31st, 2021 on the stamp duty holiday.
This “holiday” allows for no stamp duty to be paid on the first £500,000 of any UK property purchase and offers a savings of some £15,000 to all buyers.
The Chancellor also announced a 2% non-residents Stamp Duty surcharge to come into effect on the same day next year.
Industry bodies have written to Rishi Sunak over the past three weeks requesting an extension for buyers due to a building backlog of transactions that will be unable to complete in time, making buyers wary of committing to a mortgage, legal and valuation fees in advance of a potential purchase.
Further industry requests have been to create a “smoothing” at the end of any stamp duty extension.
By acting now, the Government will be able to release pressure on the system and avoid a disorderly and distressing period for buyers throughout the market.
An avalanche of pressure from Estate agents, mortgage brokers, solicitors is likely to make March 31stsmoother for buyers.
Buyers are reminded to act quickly to be sure of March completion.
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