Half of homebuyers worried they’ll miss the stamp duty deadline

Essex Home Finance
48% of homebuyers are worried that their sale won’t complete before the March 31st stamp duty deadline, according to research by Enness Global.
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48% of homebuyers are worried that their sale won’t complete before the March 31st stamp duty deadline, according to research by Enness Global.

As a result, 67% of homebuyers said they would like to see the current stamp duty holiday extended beyond the end of March.

However, while the current stamp duty holiday has been largely credited for the surge in housing market activity, just 25% of homebuyers surveyed said that it was the driving motivation behind their decision to buy, with 71% buying for alternative reasons.

Managing director of Enness Global Mortgages, Hugh Wade-Jones, commented:“It’s clear that the opportunity to save on stamp duty has helped to revitalise the UK property market in what have been tough times due to Covid.

“However, for many homebuyers it has been an added bonus rather than the driving factor behind their intent to purchase, with just 25% of buyers entering the market due to the stamp duty holiday itself. This is still quite considerable when you consider there are around one million transactions completed a year and so a 25% boost translates to hundreds of thousands of additional sales.

“Unfortunately, all good things must come to an end and it looks unlikely that we will see an extension beyond the original March deadline.

“With the clock ticking, those yet to complete due to current market delays will be forgiven if an air of panic is starting to set in, having had an offer accepted well in advance of the deadline.

“Perhaps a fair alternative to an extension would be to allow those who have an offer formally accepted prior to the end of March to also qualify for stamp duty relief.”

Original Article from Financial Reporter 13/01/2021

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