Straight from the horse's mouth - strong hints of stamp duty 'holiday' extension to June-end

SpiderLegs

Tapering is pointless.
If there’s a current large backlog causing extra delays then it makes sense to extend slightly  and clear that down. But short extension only, announced as late as possible.

However it also means that EAs and brokers need to stop pulling the wool over vendors eyes and giving false hope that deadlines can be hit. 

[Deleted User]

SpiderLegs said:

However it also means that EAs and brokers need to stop pulling the wool over vendors eyes and giving false hope that deadlines can be hit. 

are many brokers doing this?  I charge a fee so would be too wary of potential refunds if it didnt work.  I've been getting a disclaimer signed since the start of December that it isnt my fault if it doesnt complete on time

K_S

Deleted_User said:

SpiderLegs said:

However it also means that EAs and brokers need to stop pulling the wool over vendors eyes and giving false hope that deadlines can be hit. 

are many brokers doing this?  I charge a fee so would be too wary of potential refunds if it didnt work.  I've been getting a disclaimer signed since the start of December that it isnt my fault if it doesnt complete on time

@Deleted_User You wouldn't think so but I lost a lead recently because I couldn't "guarantee" a pre 31st March completion and another broker apparently could! I take great pains to impress upon clients that I can reasonably predict (with caveats) how long it may take to get to offer but the whole purchase cycle has a lot of other dependencies apart from the mortgage.

Xenon

At what point do you simply say enough is enough...it has to end sometime!

K_S

Looks like next week's budget will include a Stamp Duty 'holiday' extension to 30 June. The Times article is by a connected governing party hack, so I'd guess it's fairly accurate and syncs in with the planned "return to normal" timeline.

It isn't clear if this will include some form of tapering or grandfathering arrangements. As you would expect, I've been getting a few 'how much can I borrow' emails from clients who had put off a move thinking they'd missed the boat.

https://www.thetimes.co.uk/article/stamp-duty-holiday-will-be-extended-to-end-of-june-gc0qfrckz

https://uk.news.yahoo.com/uks-sunak-could-extend-stamp-071134149.html

Thrugelmir

With lockdown restrictions market is subdued. Will give little time time to build a chain and complete a transaction if the announcement is officially made in the budget. Though as always inside the Civil Service. All options are considered in detail. Before a final decision is made. Will remove the potential cliff edge though for those who actually perform the work involved. . 

mini_lidi

Xenon said:

At what point do you simply say enough is enough...it has to end sometime!

After we have exchanged 

stevenbecca

there's people trying to get in quick, house we viewed Saturday had no more viewings booked as far as i know, today the owner has told me she's now got several booked in over the next couple of weeks, i reckon people are thinking they can make June cut off date.

Thrugelmir

poppy10_2 said:

This Tory government will do anything to prop up house prices to make more money for their developer cronies/donors while keeping prices unaffordable for young would-be homeowners. Disgusting.

And the rest of the property market which isn't new build?  

K_S

Glad to see that it's been extended until June end, quite a few relieved clients in my pipeline and (worryingly) a few dormant clients who are now starting to do viewings with the aim of completing prior to the (new) deadline.

Interesting days ahead, looks like there will be no respite for conveyancers