Brits support stamp duty holiday extension

26 February 2021 | General

Three quarters (74%) of Brits support an extension to the stamp duty holiday, research from MoneySuperMarket has found.

A report in The Times has claimed the Chancellor is planning to end the scheme until the end of June.

Jo Thornhill, finance expert at MoneySuperMarket, said: “Our research shows that there’s clear appetite for the Chancellor to formally extend the stamp duty holiday past its current end date of 31st March.

“The policy has clearly proved popular with buyers, stimulating a boom in the market despite the challenging conditions in the wider economy. And, crucially, it has removed another cost for many first-time buyers, making that first step onto the ladder that little bit easier.

“While we welcome an extension, looking further ahead, a phased deadline where the benefits are gradually reduced would prevent a ‘cliff edge’ scenario which puts pressure on the market overall.

“Aside from the stamp duty holiday – we believe the government needs to put in place longer term support for the housing market. It’s still far too difficult for first time buyers to buy a home and for most young adults it’s a far-off dream.

“One way of doing this would be to support an increase the availability of mortgages for those with a 5% deposit. We know this is something the government is looking into and we’re looking forward to seeing their proposals in due course.”

Earlier research commissioned by the UK’s leading price comparison site found nearly two thirds (63%) of prospective buyers were in the market due to the scheme.

Three fifths (60%) said they would change their buying plans if the scheme was not extended, and a further quarter (24%) said they would withdraw from the market completely.

This post has originally been featured in Property Wire.