With just six weeks until the end of the stamp duty holiday, those working in the housing industry, including estate agents, are being urged to “manage buyers’ expectations” as there is now only a small chance of completing transactions before the cut-off date, O’Neill Patient LLP has warned.
The conveyancer says that buyers “purchasing property since the beginning of the year” are at greatest risk of missing out on the stamp duty holiday but that comes as little surprise.
The chancellor Rishi Sunak is said to be considering a six-week extension to the stamp duty holiday to allow more time for existing deals to be completed.
However, O’Neill Patient argues that a six-week stamp duty holiday extension ‘does little to help the impending deadline’.
It adds that an extension to the existing tax break would merely add ‘newer buyers into the race to beat the cut-off’.
Andy Scaife, chief executive at ONP Group, said: “Some clients are understandably disappointed that they are likely to miss the stamp duty deadline. For some time now, we have been doing our best to manage buyers’ expectations by letting them know what the stamp duty charge will be if they cannot complete by 31 March.
“Whilst we will try to do everything we can to complete as many of those transactions in our pipeline, it is better to know now rather than on the day of completion so at least they can try to make some preparations to cover the extra cost, should it arise.”