The UK’s booming housing market looks set to slow sharply next year if the stamp duty holiday is not extended, risking a damaging downturn, the government has been repeatedly told.
Estate agents, surveyors and solicitors have been lobbying the government to extend the stamp duty holiday by a further six months, as buyers rush to beat the 31 March deadline.
A letter has already been sent to the government with the backing of several industries bodies and major players in the industry citing the reasons why the extension would benefit the industry, the economy and most importantly people in the process of purchasing a property.
But it has new been suggested by that the government should make the stamp duty cut permanent.
Benjamin Dyer, CEO of Powered Now, said: “With the scheme coming to an end on March 31st we would encourage the government to make this stamp duty cut permanent.
“You could argue, as many have, this cut has created a sugar rush. An artificial spiking the market simply didn’t need as it was always going to explode post lockdown. In a word, this is rubbish. The truth is, this is money that is being reinvested into property and ultimately back into the economy.
“Homeowners are not making a saving; they are either stepping up or improving with everyone winning. The boom in the market has caused 950,000 small trade companies to not only ride the storm but ultimately thrive, and because of this we hope that come 31st March, it continues.”
Why doesnt the government just keep the 31st of March as the deadline but honour all the sales that are currently under offer prior to the 31st of March so we can get the back log and bottle neck sorted otherwise we will see a huge amount of fall throughs come the 31st of March?
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Far too sensible for this Government!
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i think that will be impossible to manage. Who decides what has already been agreed? what happens if a sale falls through and is re sold? to many if buts and maybes.
i do however, think that it should be extended by a month or two to allow the deals to catch up due to the delays caused by solicitors and lenders
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No one ever mentions that if 31st March stands firm, there will not be a single removal company available in March and probably they will be booked out solid by February. Interesting to have ‘chain ready’ in March but no one can physically move. Imagine the self movers, the overspill on day of completion and chaos ensued. Then we will have every jack Harry pretending to be ‘the man with a van’, double and treble bookings, Gazumping in the removal industry, and put simply, without an extension to phase completions beyond March (I.e) exchange by March 31st – can everyone else visualise same?
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This is correct. How many conveyancers will do their job properly and serve notice on those who either can’t get out, or who haven’t got out?
Movers will raise their rates to stratospheric levels. It’s already being see for this week with some firms operating levies and raised rates for this week.
Across the board expect to see movers operate their own additional fees for completions 22nd March to 31st. My firm certainly will. It’d be crazy not to.
And imagine all those muppets out there telling clients on the 29th March that they can still move by 31st……. I can also hear now the chorus of lies that’ll be trotted out on top of the stamp issue. ‘bottom of chain has mortgage offer that expires too’ ‘somebody in chain has also already given notice on their rental that expires on 31st’
commission.
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If the stamp duty holiday is not extended in its entirety it wold be great to see some form of mechanism to grant anyone with a sales memo pre 31st December to have a a 4-6 week extension to obtain their exchange/completion. This would release an awful lot of pressure on agents, solicitors, mortgage companies and removal firms.
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