Chancellor extends Stamp Duty Holiday
Chancellor Rishi Sunak will extend the current Stamp Duty holiday in England and Northern Ireland by 3 months as part of his Budget plans next week, The Times reports.
This will mean people buying a property up to £500,000 (instead of £125,000) will not have to pay Stamp Duty, saving them thousands of pounds. There still is a lack of clarity as to whether this extension is a three month extensions with a hard-stop at the end of 3 months or is just a 3 month extra time for those current applications being processed.
The Stamp Duty holiday has helped reinvigorate the property market that had ground to a virtual standstill during the initial lockdown, seeing more mortgage applications approved in 2020 that there were in 2019 (even though there were multiple lockdowns).
We are encouraging anyone who had been considering moving but were concerned the 31st March deadline would come too soon to complete, to speak to an advisor as soon as possible to put the wheels in motion to enable them to take advantage of this imminent extension.