Concerns over the stamp duty holiday ending have been in abundance over the course of the last few months, so it comes as some small relief to know that an online petition was launched demanding a much-needed stamp duty holiday extension for those looking to buy property in Stockport.
Jonathan Steel, a layperson who started the online petition, expressed fears of not achieving the purchase of his dream home if required to pay the stamp duty after March 31st.
With reasonable request, the petition asks for an extension of an additional six months in order to assist the many numbers of buyers seeking to move to a property that they would struggle to afford in other circumstances.
By enabling an extension this will help those currently fretting over the impending holiday end in March as well as help to stabilize the housing market. With many people waiting to move into new build properties that may not see completion until after the set stamp duty holiday end date, it leaves them in a situation where they cannot afford the house as a result.
Early Petition Success
So far the petition has attracted a large number of signatures with over 13 thousand individual property buyers.
The industry itself has seen a continuous surge in support for an extension over a longer period or tapering of the holiday to phase it out over time. Whilst the stamp duty holiday has provided a sense of greater urgency in the market this year since its implementation, 59% of respondents have greater concerns over the possibility of not being able to purchase before the set deadline.
Industry bodies have pressed the government for an extension highlighting the risk of failure of incomplete transactions due to consumers being financially disadvantaged to pursue the purchase, requiring excess funds to pay the duty.
It is potentially viable for thousands of sales to stumble at the final step which will have a ripple effect on the current housing market which has made great strides since the Covid slump.
The petition is in place to have the government rethink their current stance on the deadline.
With the housing industry pulling together to persuade the powers that be to hold off on the deadline with a view to aid transactions already in the sales pipeline. Consumers should not be held financially accountable for delays in buying property that they are not in control of.
To join the petition you can sign it here
For more buying a property advice and up to the minute news on developments, talk to the team at Joules Estate Agents, the number one independent estate agents Stockport, for extra information on stamp duty holiday extension.