Government under pressure to extend Stamp Duty holiday
- 20th January 2021
- Buying Property News
Stamp Duty holiday helping drive UK’s economic recovery from coronavirus
The Chancellor of the Exchequer, Rishi Sunak, is under pressure to extend the current Stamp Duty holiday. There have been calls to extend the holiday beyond a March 31st exchange date and up to completion. Some have even called for an extension of up to 6 months. The extension may be discussed in the House of Commons or feature in the forthcoming March budget.
Since July 2020, buyers have not been liable to pay Stamp Duty on properties worth up to £500,000.
Since the introduction of the Stamp Duty holiday the UK property market has experienced record levels of activity, with house purchase approvals at the highest rates since August 2007 according to the Bank of England.
It should be appreciated that housing transactions have a significant role in stimulating the local economy and broader economy. Moving to a new home will often trigger spending on home improvements, renovations and extensions as well as purchases of new consumer goods. So, each property transaction can have outside impact in keeping the economy ticking over during the pandemic. That is why keeping duty low is so important in the current environment.
Stephen Ludlow, Chairman at ludlowthompson says: “The Stamp Duty holiday has helped drive the consistently high levels of activity we’ve seen in the property market. An extension would further incentivise prospective buyers. The average £15,000 saving on Stamp Duty goes to work several times over in assisting economic recovery generally.”
“Buyers, including buy-to-let landlords, will spend more money on improving their properties, with businesses and local tradespeople reaping the benefits.”
Despite the national lockdown, the ludlowthompson Sales and Letting teams will continue to offer prospective buyers guided video tours of properties and where deemed appropriate, socially distanced viewings thereafter.
This week’s video tour is a 2-bedroom apartment in Stockwell
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“Thanks to the ludlowthompson Finsbury Park team I have accepted a very good offer within a week of marketing my property, exceeding my expectations on price and speed! The team has been incredibly responsive as well as proactive, providing excellent advice through valuation, marketing and viewings. The team was more convincing and, in my view, accurate than other local agents who valued my flat, which I believe helped achieved a better price than I would have otherwise. I highly recommend the ludlowthompson Finsbury Park team!”
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The Stamp Duty holiday has helped drive the consistently high levels of activity we’ve seen in the property market. An extension would further incentivise prospective buyers. The average £15,000 saving on Stamp Duty goes to work several times over in assisting economic recovery generally.
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