Commercial brokers: Transactions won’t complete unless stamp duty is extended

5 February 2021 | General

Over half (54%) of commercial brokers have warned that transactions won’t have completed by the stamp duty holiday deadline of March 31st, Shawbrook Bank’s Broker Barometer has revealed.

Due to the slow way the property market is operating there are fears a number of people could miss out on the stamp duty saving of up to £15,000.

Three quarters (75%) of brokers think the stamp duty holiday should be extended past March 2021.

Emma Cox, sales director of property finance at Shawbrook Bank, said: “The announcement of the stamp duty holiday in the summer last year has no doubt had a hand in helping to release pent up demand and get the housing market moving again.

“As investors seek to make the most of the holiday ahead of the deadline, it is understandable that brokers are reporting these positive outcomes as a result.

“We are aware that there are still brokers who will be facing challenges, and that the next few months are likely to be busy for many.

“Our teams are prepared to deal with an increase in activity, but we recommend applications that seek to take advantage of the holiday are submitted as soon as possible.

“It is a very busy time for the property market, which is why it remains crucial for lenders to continue to work closely with brokers over the coming months.”

Most brokers think the stamp duty holiday has resulted in increased investment in the property market (63%) and resilient property prices (33%).

Reduced investment in the market (41%) and falling property prices (34%) are expected once the relief expires.

This post has originally been featured in Property Wire.