Propertymark has called for an extension to the SDLT cut for a least another six months and further that those who have an offer formally accepted prior to the end of the current cut to stamp duty or any further extension qualify for the relief. This was made in their representation to the 2021 Budget.
Mark Hayward, NAEA Propertymark chief executive, commented: “The boom, caused by the property tax holiday, has been hugely beneficial for the housing market; however, the property tax cliff edge on 31 March 2021 could cause thousands of sales to fall at the final hurdle and have a knock-on and drastic effect on the housing market which has recovered well from the COVID-19 slump.”
The Telegraph’s ‘Stamp Out the Duty’ campaign which was recently launched had the support of 50 Conservative MPs who have called on the chancellor to extend the stamp duty cut for properties worth less than £500,000 for a further 12 months.
NAEA Propertymark is asking for support and for this and for their members to contact their local MP to give weight to this significant campaign.