Chancellor “preparing 3 month extension”
Rishi Sunak is said to be preparing to introduce a three-month extension to the stamp duty holiday to allow more time for existing property deals to be completed. The chancellor is planning to announce a limited extension through to the end of June to help prevent thousands of property sales from falling through, the Times has reported. Sunak has been under growing pressure to extend the deadline amid concerns it will create a cliff-edge and risk thousands of buyers pulling out of transactions if they miss the deadline for the tax break.
A petition demanding a stamp duty holiday extension, which has proved popular with buyers and sellers, as well as agents, conveyancing solicitors, mortgage lenders and surveyors, has now attracted more than 150,000 signatures. The Times has been told that the chancellor will use his Budget next week to move the stamp duty holiday deadline to the end of June, bringing it into line with the easing of lockdown.
Dominic Agace, chief executive of leading estate agents Winkworth, like many agents, has welcomed the news for the many thousands of buyers facing a cliff edge deadline. He said: “This is great news, as it helps all those who, through no fault of their own, were set to face unexpected costs arising from a deadline set two lockdowns ago. This will ensure the property market maintains its positive influence in the economy in the tricky next few months as we start a sustained Covid recovery.”
Source: Property Industry Eye 24th February 2021
Great news also for many of Wilsons buyers too!