Industry calls for six month extension to stamp duty holiday
The property industry has collectively sent Chancellor Rishi Sunak a letter, requesting for the stamp duty holiday to be extended by six months.
There are currently serious delays to the mortgage, conveyancing, and surveying processes, which as it stands could result in some buyers missing out on the holiday.
The letter said: “Operational constraints in all areas of the home buying industry caused by the disruption brought about by Covid-19 and the current advice to work at home where possible, have seen average property transaction times lengthen from 12 weeks to 20 weeks.
“We are concerned that consumers continue to offer on properties expecting to benefit from the SDLT rate reduction but in reality they may be too late.”
The letter said the six month extension would ‘smooth out’ any cliff edge and facilitate an orderly return to regular market conditions.
Signatories of the letter were NAEA Propertymark, The Guild of Property Professionals, the Residential Property Surveyors Association, Conveyancing Association, Society of Licenced Conveyancers, Kate Faulkner, the House Buying and Selling Group, Simplify, MAB, Landmark and Purplebricks.