News that estate agents will be soon be eligible for asymptomatic testing has been well received, but many people working in the residential property industry are far more concerned with securing an extension to the current stamp duty holiday, claims a new report.

Agents are busy trying to get existing property deals completed ahead of next month’s scheduled stamp duty holiday deadline, but many are hoping for more time to complete transactions and avoid potential fall throughs, which explains why most agents welcomed the news that chancellor Rishi Sunak will use his Budget next week to move the deadline to the end of June.

The ‘Thriving in a Pandemic’ report, published by tmgroup and mio, claims that agents and conveyancers view a stamp duty extension as having a significantly greater impact on their role in 2021 than either the Covid-19 vaccination programme or Brexit.

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 and this will please many people working in the residential property industry.

A survey of more than 600 property professionals revealed anxiety around an increased number of broken chains and fall-throughs this year.

Joe Pepper CEO at tmgroup commented: “It’s fair to say that the industry has been somewhat distracted by the unusually high volumes of property transactions coming through the pipeline, as well as the uncertainty [and potentially false hope] around the Stamp Duty holiday extension, which remains a critical concern in residential property.

“With the chancellor set to announce the Spring Budget on 3^rd March, there’s not much longer to wait until the industry either welcomes an extension of sorts, or battens down the hatches to cope with the final charge towards the stamp duty deadline.”