Will the Stamp Duty Holiday be Extended?

By Kirstie Philpott

Associate

As 31 March 2021 looms closer, the question on every homebuyers’ lips is: will the stamp duty holiday be extended?

The answer at the moment is that we simply do not know.

When the stamp duty holiday was introduced, the government didn’t confirm the holiday until it was announced in Parliament and brought into action that very same day.

There was gossip and hope for days before, but nothing was officially confirmed until the afternoon of 8 July.

The stamp duty holiday was introduced to create an immediate spike of activity in the property market. Even if the stamp duty holiday is extended, it is highly unlikely that the government will give us any notice of this as they will not want to put the brakes on the current activity.

Recently there has been growing concern from banks and other parties that the holiday won’t be extended. The government responded to a petition asking for a stamp duty holiday extension to say that the holiday has been introduced as a temporary relief to stimulate immediate momentum in the property market. They further commented that they do not plan to extend the relief.

Good news for first time buyers though, as it has been reported that the first-time buyer stamp duty relief available to them prior to the holiday will continue following the end of March 2021.

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