Yesterday, Chancellor Riski Sunak delivered his 2021 budget, arguably one of the most important in recent years as the country continues to battle the pandemic with billions of public funding being spent to protect jobs and industry. As a Southport estate agent, we were eagerly awaiting news on the Stamp Duty Holiday, originally due to end on March 31st. Speaking to Business Live earlier this week, our CEO Mark Russell, discussed what he thought should be implemented if the Stamp Duty Holiday was indeed extended.
"In general, our experience through this time has been that the vast majority of our clients are well aware of the risks attached and are prepared for missing a deadline. However, should the expected extension be announced, it's essential that a tapering-off period is also granted to avoid any unnecessary risks to the client and expectations can be set properly. Buyers who can demonstrate they have started a transaction before the deadline and have incurred legal costs should still benefit."
As predicted, Rishi Sunak announced the Stamp Duty Holiday has been extended for a further three months until the end of June, following that, no stamp duty will be charged on the first £250,000 of a property purchase until the end of September. Stamp Duty was originally put on hold back in July, allowing properties under £500,000 to be exempt from the tax, encouraging people to buy to keep the property market afloat.