Call for stamp duty holiday extension

Housebuyers face a race against time to benefit from the stamp duty holiday before the big-money saving window slams shut at the end of

March.

Chancellor Rishi Sunak has so far ruled out an extension to the holiday last week, which was introduced to kick-start the housing market after the impact of the pandemic.

Due to end of March 31, it means those buying a property under £500,000 pay no stamp duty at the point of completion - which for top end properties means a saving of up to £15,000. A property worth £340,000 - the average price a property in Kent sold for in 2019 - would carry a £7,000 stamp duty bill.

But there are concerns those looking to capitalise on it now will be hard pushed to complete in time to take advantage - and, as a result, find themselves with an unwelcome bill for thousands of pounds.

Spencer Fortag is MD of Medway-based Dockside Property Services. He said: “I’m confident the stamp duty announcement led to a spike in buyers and in business being done.

“Ultimately there has to be a cut off point but I think it’s fair to extend for those who have started the process, because solicitors, banks and surveyors are moving much more slowly than usual due to the challenges they face during lockdown.”

“It is clear to see the stamp duty holiday has had a positive impact on the property market,” adds Mark Brooks, CEO of Miles & Barr - one of the county’s biggest estate agents.

“Our hope is for the stamp duty holiday to be extended as it will allow existing purchasers and sellers the time to find and complete on their dream home.”

Housebuyers have until March 31 to complete to take advantage of the savings introduced by Rishi Sunak, but property experts would like to see it extended