Will it or wont it extend?
That is the question on a lot of peoples minds at the moment.
We may have to wait until the next budget in Match this year to find out.
The holiday has been well received but between now and March mortgage companies and solicitors are backlogged and over worked trying to get all of these transactions through in time.
Mortgage rates are low but with tougher restrictions this could also prove to be a problem, creating a bottle neck, and result in delays and the deadline not being met.
This could result in property sales falling through before they make the Stamp Duty Holiday deadline of 31st March.
These pressures, combined with a positive move for the economy, could result in the government extending the Stamp Duty Holiday to avoid bad new and to keep the housing market moving. This will help the UK economy get back on its feet.
If the Stamp Duty Holiday does end, it will likely mean less investors and buyers on the market for a period of time. This will result in less sales and a slow down within the housing market. This in turn will lead to a drop in house prices in a lot of areas across the country.
If price came down considerably, it would create opportunities for investors to purchase at a lower price. It will also encourage buyers to come back to the market in the future.
It will be very difficult for anyone currently purchasing a property to complete by the Stamp Duty Holiday deadline. So it would be sensible to wait and see if the stamp duty holiday is extended in the next budget.
Or buyers can be patient and wait for the housing market to settle. They can then act later in the year when house prices come back down.
It would be in the best interests of everyone, the sellers, the buyers, investors, agents and the economy for the government to extend the deadline and keep the positivity move forward in 2021!
Haven’t we all suffered enough change and uncertainty over the past 12 months?!