Government to debate extending stamp duty break

The government will today debate in parliament whether to extend the current stamp duty break – an outcome that could prevent thousands of property sales from falling through.

The House of Commons is pressing ahead with a debate about stamp duty after a petition on the UK government’s website for the current stamp duty holiday to be extended until September 2021 secured enough signatures for it to be considered for debate in Parliament.

The petition, called “Extend the Stamp Duty Holiday for an additional 6 months after 31st March 2021”, now has more than 138,000 signatures.

The petition, which was started at the end of October by an individual who is looking to buy a new property, has proved popular with buyers and sellers, as well as agents, conveyancing solicitors, mortgage lenders and surveyors.

Jonathan Steel is looking to move into a new build property which is currently due to complete at the start of March 2021. But if the build is delayed past 31 March 2021 then he will not benefit from the stamp duty holiday, and this is what prompted him to launch an official petition calling for the stamp duty holiday to be extended.

With just under two months until the stamp duty holiday deadline, Rightmove projects that of those already in the sales agreed pipeline – currently 613,000 according to the property portal – around 100,000 will miss out on their stamp duty saving, of up to £15,000.

The government recently said that it “does not plan” to extend the temporary relief offered to property buyers via the stamp duty holiday.

The government issued a statement, as part of its response to the petition, when it hit 10,000 signatures last month.

A spokesperson for HM Treasury said: “The SDLT holiday was designed to be a temporary relief to stimulate market activity and support jobs that rely on the property market. The government does not plan to extend this temporary relief.”

Rishi Sunak

However, the chancellor Rishi Sunak is under growing pressure to extend the stamp duty holiday beyond 31 March, amid concerns that thousands of buyers could fail to complete before the deadline.

Delays are holding up homebuyers as the current lockdown places extra pressure on conveyancing solicitors, mortgage lenders and surveyors, struggling to push through purchases.

Parliament considers all petitions that get more than 100,000 signatures for a debate.

The session, which will be broadcast live at 4.30pm on Parliament TV and on YouTube, will allow petitioners’ concerns to be debated by MPs, including those who are shielding.

Dominic Agace, chief executive of leading estate agents Winkworth, is among thousands of agents that welcomes today’s commons debate on a possible extension to the stamp duty holiday deadline.

He said: “I welcome the opportunity for MPs to discuss the predicament facing many thousands of their constituents who are facing an impossible deadline – and hope common sense will triumph.”

Today’s virtual 90-minute debate, which starts at 4.30pm, will be led by Elliot Colburn, member of the Petitions Committee. Rt Hon Jesse Norman MP, financial secretary to the Treasury, will respond for the government.


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One Comment

  1. Harry2B

    Customers/ Renting / Landlords/ Tenants.

    They are all have problems selling on Houses to customers due the the Banks closing the books to people who have been ferlonged.

    Some people who have agreed to buy houses are forced to backing out of the sale due to this fact.  Some they lose their deposit.  For some this is devastating.

    The Stamp duty holiday need to be extended until we can freely move around the county and the Banks start behaving themselves. For some people this is the last nail in the coffin to first time buyers.



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