Stamp duty extension petition passes 10,000 mark

A petition calling for the government to extend the stamp duty holiday until September 2021 has attracted more than 10,000 signatures.

The petition, which was started a month ago 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.

“I will not be able to afford the stamp duty so will not be able to afford the house,” he said.

Reaching 10,000 signatures means the government must now respond to Steel’s petition.

The chancellor Rishi Sunak is under increasing 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 a post-lockdown surge in demand has placed extra pressure on conveyancing solicitors, mortgage lenders and surveyors to push through purchases.

It is estimated that 325,000 buyers with sales agreed between September and January may fail to complete before the end of the stamp duty holiday on 31 March.

Industry leaders have sent a joint letter the chancellor requesting that the stamp duty holiday is extended by six months.

Petitions posted on Westminster’s official petition.parliament.uk site are considered for a debate in parliament if they accrue more than 100,000 signatures.

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4 Comments

  1. NewsBoy

    I’m sorry but I can’t believe this will have any influence unless it gets to 500,000. My guess is the chances must currently be about 50 – 1 against  

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  2. Rob Hailstone

    And moving the potential ‘cliff edge’ back 6 months will only mean that a similar problem will occur in October, rather than April. Their needs to be a softer (tapered) landing, rather than a midnight 31st March cut-off date.

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    1. Eric Walker

      Agreed Rob. An extension just delays things. My suggestion is that on a given date, without notice, the Government should announce that any sale currently in solicitors hands where draft contracts have been issued (or similar) will still benefit from the holiday  as will any sale which unconditionally exchanges by 31st March provided that it completes within 6 months.

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  3. AlwaysAnAgent

    This is such a bad idea as the petition could have the opposite effect.

    There are too few people motivated to sign the petition and it was the same with similar petitions over tenant fees and changes in landlord taxation. Decision makers might use the petition to help prove that hardly anyone wants a stamp duty holiday extension. An admirable cause, but misinformed.

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