There has been speculation this week which came from ‘The Times Newspaper’ suggesting the Chancellor will be extending stamp duty until the end of June next Wednesday when the budget is released. This therefore will prevent any sales falling through due to any delays that have meant they were hoping on completing before the end of stamp duty but haven’t be able to so therefore cannot afford it. It is argued by the Guardian that this extension will reportedly help an extra 300,000 homes, as if not changed Rightmove suggests that over 100,000 buyers will have to pay stamp duty, which they may not be able to afford as this could be an extra £15,000. This additional incentive for home-owners to move currently in the midst of a pandemic has meant an overall average cost of a UK home climbing by 8.5% in 2020.
While this has all been said we will know more on Wednesday the 3rd of March 2021, once the budget has been released. However, it must be noted that if the extension goes through that those who would buy next week would need be aware they probably won’t make the cut off and if they do that would be great.