STAMP DUTY HOLIDAY!!

extremeshopper28

Hi everyone,  I am currently purchasing a home and have heard news of a stamp duty holiday taking place in the Autumn. I would save £11,500 if this happens.
Question is, could I possibly delay my sale for that long? Its no chain. But what are the risks?
Does anyone know when in the Autumn you would have to complete to be eligible?
I have only just had my mortgage offer, not exchanged or anything, only 4 weeks since offer accepted.
I assume all buyers and sellers now will wait till the stamp duty holiday right? Any advice would be much appreciated!

Majoggy

It hasn't been announced yet, not much to say until it is either confirmed or denied.

Grumpy_chap

Does this thread help?
https://forums.moneysavingexpert.com/discussion/6164924/stamp-duty-holiday#latest

AdrianC

extremeshopper28 said:

I am currently purchasing a home and have heard news of a stamp duty holiday taking place in the Autumn.

No, you've heard rumours.

extremeshopper28

Arghhh it's just so frustrating! Its being reported everywhere!! Bring on Wednesday for hopefully some clarification!

Steve_KCS

If it is the autumn then you're the classic example why this policy would only work if brought in immediately. The market will just stall now 

Grumpy_chap

Given the imperative to get the economy moving, the press are really not doing any favours by talking up all sorts of rumours that actually just pause and delay any recovery:

• stamp duty cut in October?
• car scrappage scheme for September?
• VAT cut

All these rumours do is create doubt and anyone undecided becomes less likely to go ahead, so the economy crashes further and quicker.

jimmyjammy001

Be prepared for your buyers to up their price as they will now know you have a spare 11k or to be gazumped by another buyer who now has more money to pay for the house you have agreed to pay for, it will not be all good I'm afraid. 

extremeshopper28

Agreed, the last thing we need right now is further uncertainty but if there is a stamp duty holiday or something of that nature announced for October what do I do? Can I really give up 11.5k? I suppose I could talk to my seller as no one would buy the house until they could benefit from this. I like to be mentally prepared for all situations just in case. I suppose all we can do is wait for tomorrow....

[Deleted User]

You won't be giving up 11 5k though. You'd be outbid before completion, unless you believe prices are going to fall lower. In which case, you're overpaying with or without stamp duty..

If you want the house, buy the house.

JCR982

I'm in the same boat but a bit further along - I would expect to be in the new house at the end of July/beginning to mid August.  We would save just over £5,000 if this came in immediately so fingers crossed.