2020 has been a challenging year for all of us. As it draws to a close, we can look forward to a positive new year ahead. The last twelve months have seen us all face hardships along the way, but there have been positive changes too. The stamp duty tax holiday has been a lifeline to the property industry. Along with the release of pent-up demand following the first national lockdown, the market is currently on a high.
COVID-19 sparked people to re-evaluate what they want in their life as well as their home. As many of us adjusted to working from home, the need for the daily commute seemed less necessary. City locations could be swapped for somewhere more rural, where a slower way of life could be achieved. More time spent in the home revealed to many that they needed more space or a better fit for their lifestyle.
What has the stamp duty holiday meant for the market?
This year, we saw an incentive for homebuyers to save money fuel the market, and create a high demand for housing. However, to make the dream of a new home a reality, many are depending on savings from the stamp duty holiday. If their transaction does not complete in time, they will simply not be able to afford their purchase. Understandably, this is a devastating thought to potential buyers that have already found their ideal property. Many potential buyers are in the same position, with the majority hoping for an extension of the tax break to ensure their purchase goes through.
A petition has launched calling for an extension of the stamp duty holiday. Published on the official Parliament website, it states: “Extending the Stamp Duty Holiday for an additional six months will assist many buyers who are looking to move to a property that they will not be able to afford otherwise. This will help to stabilise the housing market.” The petition was started by an individual looking to purchase a new build property that is due to complete in early March next year. A delay that pushes completion beyond the deadline will mean he can no longer afford the purchase, due to the additional stamp duty land tax.
There are plenty of buyers in the same position across the country. However, Property Industry Eye revealed that some MPs are showing support for an extension. A postponement pr tapering of the deadline will benefit many prospective homebuyers, giving them the chance to complete their purchases. Not only will it help industry professionals clear the current bottleneck of cases, but it will also keep the market moving.
Contact Home Move Hub
At Home Move Hub, we can help you by facilitating an expert, online conveyancing service for your purchase. If you are looking to benefit from the savings before the current stamp duty holiday deadline, you must instruct a conveyancer quickly. Contact us today to find out more about how we can help you!
