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Stamp duty holiday cut-off could ruin 325,000 home moves

28 October 2020 | General

Some 325,000 buyers could miss out on completing a home purchase before the stamp duty holiday expires, thanks to delays in the homebuying process.

Delays to the mortgage process, as well as conveyancing and surveying, could see it take five months to complete the homebuying journey.

The stamp duty holiday is due to expire at the end of March, but there are calls for the government to stop the end of the holiday being a ‘cliff edge’.

Jeremy Leaf, north London estate agent and a former RICS residential chairman, said: “The Chancellor could extend or taper the scheme to avoid a ‘cliff edge’ or perhaps more constructively leave the concession in place just for first-time buyers who are the lifeblood of the housing market.

“Either way, doing nothing is not an option.”

Leaf echoed previous comments from Legal & General Mortgage Club.

Kevin Roberts, director of L&G Mortgage Club, previously said: “As homebuyers rush to take advantage of the Stamp Duty holiday, policy makers need to consider if a tapering of the Stamp Duty deadline is needed instead of a hard deadline.

“£We need to avoid those moving or purchasing a home missing out through delays after 31 March when the holiday ends.”

This post has originally been featured in Property Wire.