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Published: 24 February 2021

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Home » News » Housing Market » Stamp duty holiday to be extended until end of June, claims leak Previous HOUSING MARKET Stamp duty holiday to be extended until end of June, claims leak National newspaper says its sources have revealed a three-month extension to the SDLT zero-rate extension, due to expire 31st March. Nigel Lewis 24th February 2021 0 1,119 Views Chancellor Rishi Sunak is expected to announced a stamp duty extension to the end of June in his budget speech next week, it has been leaked. The Times has reported this morning that Sunak wants to keep the property market in good shape as the economy emerges from its Covid deep freeze. This will be good news for the approximately 500,000 sales currently going through the conveyancing process at the moment. Moving the stamp duty holiday ‘cliff face’ to June 30th would also align the market with the final easing or restrictions announced by Boris Johnson in his roadmap announcement on Monday. The leaked announcement ahead of the 3rd March budget announcement also suggests that the Ministers have been listening to the industry. Agents, conveyancers, surveyors, lenders and removal firms have all been warning since the New Year that the logjams in the sales progression process were due to deny hundreds of thousands of home buyers their chance to enjoy the zero-rate for homes bought under £500,000. A parliamentary e-petition which has now garnered some 150,330 signatures, an unprecedented number for a property-related campaign of this kind, also prompted many MPs to call on the chancellor to exend the measure after March 31st. Dominic Agace, chief executive of Winkworth (pictured) says: “This is great news, as it helps all those who, through no fault of their own, were set to face unexpected costs arising from a deadline set two lockdowns ago. “This will ensure the property market maintains its positive influence in the economy in the tricky next few months as we start a sustained Covid recovery. I do hope that longer term stamp duty reform isn’t forgotten. Ultimately, the property market needs longer term reform as well, to ensure it is a healthy functioning market, allowing people to achieve their aspirations and supporting the economy in the long term.”