A lead story in The Times newspaper on Wednesday, 24 February has speculated that UK Chancellor Rishi Sunak is planning to extend the Stamp Duty holiday until the end of June when he announces his budget next Tuesday.

Propertymark’s Chief Policy Advisor Mark Hayward has welcomed the speculation which comes after a concerted effort from his members in lobbying the UK government.  Mark also said that in future the Stamp Duty should be tapered to avoid a potential cliff edge.

This should be music to the ears of moving companies that have been enjoying brisk trade during the start of 2021 as purchasers aim to complete their chains by the deadline. This buoyancy is likely to continue into the summer.

The Building Societies Association (BSA) said that with the March 31 cliff edge deadline fast approaching many buyers and sellers, who have already agreed sales and have mortgages approved, would be unlikely to complete the transaction within the deadline. The BSA believes that a tapered end would allow any house purchase where the mortgage approval has been granted by the end of March, an additional three months to complete while still benefitting from the rate reduction.