Calls for the Government to consider extending the stamp duty holiday was discussed in a 70-minute virtual debate this week in Parliament.
Elliot Colburn Conservative MP backs the petitioners, as 42% of buyers said, “They are unlikely to continue with the purchase of a property if they were unable to take advantage of the stamp duty holiday”.
The impact on the housing market could be substantial.
Colburn proposed an extension to the deadline date, in allowing transactions that began before 31st March to be eligible for the stamp duty holiday or a permanent threshold at £500,000 where stamp duty would not be payable.
Diane Abbott Labour MP agreed a grace period and special allowances should be made.
Kevin Hollinrake Conservative MP agreed that an extension should be made for people that have a mortgage offer by the end of February be allowed a further 3 months to allow completion to take place.
Greg Smith Conservative MP said “200,000 people moving to a new house are likely to miss the stamp duty deadline and asks that the Government looks at steps to make the stamp duty holiday count for the movers already engaged in transactions that may delay in them passing the 31st March deadline”.
Any decision on the discussion will be announced during the 3rd of March Budget, as it stands the stamp duty holiday will end as planned on the 31st March.
Worked it out yet? This is yet another piece in the Government puzzle to drive prices up, pushing inflation even higher to subsequently devalue covid-19 debt.