Stamp Duty Holiday Will Mean Stampede Of Buyers
London estate agents today said they were braced for a spring stampede of homebuyers after the expected extension of the stamp duty holiday in today’s Budget.
The stamp duty holiday tax break is expected to be extended until June in today’s Budget announcement.
Chancellor Rishi Sunak is due to confirm that the temporary abolition of stamp duty on the first £500,000 of any home purchase will be rolled forward to the end of June.
The property sector had warned of a looming “cliff edge” for deals not completed by the initial deadline of the end of March announced last July.
Buying agent Henry Pryor said: “There will be a new cliff edge — it will just move from the end of March to the end of June.
“There will be a whole new load of people who will be wailing and gnashing their teeth because they could not get their deals over the line by June 30.”
Giles Milner, marketing director at London agents Chestertons, said the firm had already seen an uptick in inquiries and viewing over the past week in anticipation of the extension.
He said: “It is good news and certainly going to help those people who really need to save that £15,000. It will definitely help the market but it will be pushing the cliff edge a few months down the line.”