Reports claim the Chancellor is planning a boost for the property market in his upcoming Budget.
It’s being reported that Chancellor Sunak is about to extend the stamp duty holiday until the end of June, following months of pressure from the property industry.
The Times has “been told” that the forthcoming Budget on March 3rd will confirm an extension of three months, “bringing it into line with the easing of lockdown restrictions”.
The tax break, which applies to sales up to £500k, is officially due to come to an end on 31st March; much noise has made about the dangers of a “cliff-edge” piling pressure on the conveyancing system and resulting in thousands of deals falling out of bed.
Consumer data firm TwentyCi calculates that 193,198 sales would benefit from the extension, the estimated cost of which is put at £1bn.
Rightmove estimates higher – an additional 300,000 benefitting, saving buyers a combined £1.75 billion. The portal suggests that around 628,000 sales are currently in the legal process across Great Britain, including those that were agreed last year and those that have been agreed so far this year. It predicts that 100,000 buyers who agreed a purchase last year stand to lose out unless the deadline is extended.
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