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Stamp Duty holiday set for extension

By Lizzy Drewett - 25 February 2021

Essex home buyers look set to be given more time to make the most of the Stamp Duty holiday, reports suggest.

The Stamp Duty holiday was introduced by the government in July 2020 and exempted most buyers from the tax, for purchases completed before March 31, 2021.  

Now, while the UK starts to look ahead to the relaxing of Covid-19 restrictions over the coming months, it seems there will be double joy for those looking to buy their dream home this spring.

Ahead of the 2021 Budget on Wednesday, March 3, all the indications are that the chancellor, Rishi Sunak, will extend the Stamp Duty holiday by three months until the end of June.  

The Stamp Duty holiday can enable buyers to save as much as £15,000 in tax and had been seen by many as a key factor in strong levels of activity across the housing market throughout 2020 and into 2021, despite the pandemic.  

However, the condition that to qualify, a property purchase must be completed before the deadline, had sparked fears that many thousands of buyers would miss out on the benefit of the Stamp Duty holiday as the cliff edge of March 31 approached.  

Now that window of opportunity looks set to remain open for another three months, buyers and sellers can remain confident that the buoyant housing market will continue through the first half of this year.

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