Calls For Stamp Duty Holiday To Be Extended Intensify To Stop ‘Cliff Edge’
The Government has given the housing market permission to continue as the stamp duty holiday deadline has already created significant pressure on the industry.
Unlike during the last lockdown, the housing market will be able to continue operating given the booming business currently being seen in some parts of the country. Housing Secretary Robert Jenrick confirmed the news on Twitter, also detailing that renters and homeowners could move as long as social distancing guidelines are adhered to.
The news comes as a relief to residential property specialists at top national law firm Irwin Mitchell.
Expert Opinion“We are pleased and relieved that the Government has already confirmed that the housing market is to remain open for business under the proposed national measures.
“It is abundantly clear that the lockdown will create significant challenges for society and the economy. People need to be able to do whatever possible to ensure that their homes are as tailored to their work, family life and financial situation - as well as their mental and physical health - as possible.” Jeremy Raj - Partner
Residential property experts at the firm have recently called for much-needed and urgent change to the house buying process given Zoopla’s recent research that found the backlog now numbers 420,000 buyers totalling £112bn in sales looking to complete before the stamp duty holiday ends on the 31st March.
October 2020 has seen agreed sales up 52% more than in the same month last year, with the peak in August saw a high of 62% above 2019 levels.
Jeremy continued: “Due to the difficulties of home working and the economic backdrop, as well as the earlier total shutdown of the market and subsequent bottle-neck, several parts of the industry have really struggled to keep up. Transaction timescales have increased across the board accordingly. Anything that brings a measure of certainty to the new regime is to be welcomed.
“Subject to public health requirements, developers need to be able to keep building and people need to be able to move on with their lives or adjust to their new circumstances, as quickly as possible.
“We would also reinforce our call that the Government should row back from the end-of-the-SDLT-holiday cliff edge at the end of next March, given it already appears set to cause considerable unnecessary chaos and anxiety.”