Stamp Duty Ending

quattros

Hi All Does anyone  know if there has been any update Reference The Stamp Duty Extension at all ?
I know it is supposed to end March 31st , But also heard it may change?

Thrugelmir

Sunak has publicly said that he is not considering an extension. 

Angela_D_3

They weren’t considering lockdown on 1st March and Boris was shaking hands with the afflicted.  All bets are off 

quattros

I heard there are many people would pull out of the house purchase process if they don’t get to complete by March 31st . Just will have to wait and see what happens I guess

ian1246

Sadly just wait and see. The sensible solution would be to adopt a stance of ongoing house-sales/purchases remaining exempt should they go past the March deadline, with all future sales/purchases facing the Stamp Duty Tax.

I.e. just like they have solicitors essentially regulate the Stamp Duty payments now, you could simply have the stance that any house sales/purchases which have commenced (I.e. Solicitors Instructed) prior to XXX date will remain exempt even if they go past March 31st. That way you should avoid significant disruptions.

youth_leader

Sadly quattros I think some people will be forced to withdraw as they don't have the additional stamp duty funds.  I don't think anyone could anticipate how Covid would slow everything down, my sale was delayed by seven weeks because the vendor's solicitor tested positive, the file hadn't been touched.  I might just squeak in before it ends.

NameUnavailable

I don't think it will be extended. I'm not sure it has even worked as intended as vendors just inflated their asking prices after the announcement (OK for those who were already starting their purchases at the time but not really since).

Mr Sunak's magic money tree has got to end up bare at some point!

DairyQueen

The property market is a big driver of economic activity and the last thing the economy will need in the wake of this pandemic is a depressed property market on top of increased unemployment and business failures.

It's impossible to say whether the stamp duty holiday will continue. It has been one aspect of the government's support package but I wouldn't bet against it being removed. The uncertainty about a possible extension will likely depress the market from now until any announcement. I suspect that people will delay selling until the situation is clear as, no question, that prices have been hiked to the benefit of the seller. Purchasers have effectively removed an upfront cost in favour of a higher, long-term cost (higher mortgage on which interest payable). The only real winners have been mortgage-free downsizers. 

Crashy_Time

Angela_D_3 said:

They weren’t considering lockdown on 1st March and Boris was shaking hands with the afflicted.  All bets are off 

The more they lockdown the more revenue they are going to need, I can see sellers having to pay this tax eventually.

Crashy_Time

DairyQueen said:

The property market is a big driver of economic activity and the last thing the economy will need in the wake of this pandemic is a depressed property market on top of increased unemployment and business failures.

It's impossible to say whether the stamp duty holiday will continue. It has been one aspect of the government's support package but I wouldn't bet against it being removed. The uncertainty about a possible extension will likely depress the market from now until any announcement. I suspect that people will delay selling until the situation is clear as, no question, that prices have been hiked to the benefit of the seller. Purchasers have effectively removed an upfront cost in favour of a higher, long-term cost (higher mortgage on which interest payable). The only real winners have been mortgage-free downsizers. 

Unemployment and business failures create a depressed property market, they are not separate parts of the economy?

Thrugelmir

Construction sites are still operational. No kick start required. Money will be better used to target other specific areas.