In July last year the government exempted most buyers from Stamp duty, in a bid to fire up
the property market.
Providing buyers completed their house purchase before March 31, 2021, the stamp duty threshold was raised from £125,000 to £500,000, giving people the opportunity to save up to £15,000 in tax when buying a home.
With that deadline fast approaching, Rishi Sunak is now expected to extend the holiday by a further 3 months to the end of June in his next budget announcement.
With many buyers trying to avoid missing out on the holiday and a stampede of people rushing to complete their purchases in time, the chancellor has been under pressure from estate agents, property professionals and buyers alike, to extend the deadline A petition demanding a stamp duty holiday extension proved to be popular with buyers, sellers, agents and many others and attracted over 150,000 signatures.
The holiday seems to have had a positive effect on the housing market and there has been unprecedented levels of demand since the scheme was introduced. A recent report by the right-leaning Centre for Policy Studies (CPS) said the tax break had increased house sales to their highest level since before the 2007 financial crisis.
This in turn has boosted the economy throughout the COVID-19 pandemic and it is hoped that extending the deadline will help buyers complete in time to benefit from the tax reduction and keep the property market firing as Britain emerges from lockdown.
Despite the extension, there will be applicants who are unlikely to make the deadline and will therefore not be able to take advantage of the tax break unless they consider alternative finance like a bridging loan.
How We Can Help
The team at Unique Property Finance are well versed and highly experienced in arranging fast, competitive mortgages and bridging finance. We’re available now to help you take advantage of the stamp duty tax breaks.
To find out how we can help contact us directly on 0203 645 4322.