Stamp-ede for Stamp Duty decisions

We have spoken before about the property market and the effects of the Stamp Duty Holiday on activity levels. As we approach the initially intended finish line on the 31st March we are bracing ourselves for an extremely busy few weeks as purchasers push to have their sales exchanged and completed before the deadline passes.

The next big date in the near future is Budget day. Parliament have already debated potential extensions to the stamp duty holiday and further news should hopefully be announced as part of Mr Sunaks budget.

There are several theories as to what might be announced. The first is that the Government stick with their initial date and that the holiday will end on 31st March. This seems unlikely due to the amount of opposition to this and the fact that so many purchases have been delayed due to unforeseen circumstances and delays with local authority searches in many areas.

The second possibility is a total overhaul of the property tax system. Although there is support for this from some areas it seems that there are likely more important issues currently.

The third, and most likely, is a phased ending to the stamp duty holiday. In this scenario the stamp duty holiday is retained for people depending on either their agreed sale date or the progress of their sale.

Whatever happens the property market is still strong and sales levels still high. Stamp Duty Land Tax, although inconvenient, forms only a small portion of the sales process and all indications are that even if the holiday period is withdrawn that the market will continue apace.

Many people are still taking advantage of this busy market and we would happily speak to you if you have any questions about property marketing and the current climate.  Contact the team

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