stamp duty update

Latest Stamp Duty Update

This week Joules Estate Agents are bringing you another stamp duty update this week. Those awaiting hope in the form of extension of the stamp duty holiday to buy property in Stockport may feel they have been left in limbo whilst the government makes no concrete decision on the rapidly approaching March 31st deadline. Joules Estate Agents are bringing you another stamp duty update this week.

Whilst around 140,000 signatures have been reached on an online petition has been met with almost complete agreement on both sides of the political bench, the movement towards a more phasing finish is where the current plan resides with no doubt more news to come.

With the key agenda being the importance of the wider economy in avoiding housing market instability, there has been added industry lobbying and public interest involved in the issue.

Where It Stands

At the time of writing, the Financial Secretary for the Treasury has not committed to any potential policy ahead of next month’s Budget but has raised the comment that public and political views will be a part of the consideration, with a focus on how substantial performance and completion have played out.

What is meant by ‘substantial performance’ is in relation to possible tapered end to the exemption, particularly where buyers at certain transactional stages would still receive their SDLT discount after the deadline ends.

Positive Outlook

With cross-party support for the issue in relation to the stamp duty holiday ended, many independent estate agents Stockport and homebuyers are seeing this as a positive that the sudden cliff-edge deadline a mere two months away may have a more tapered end or extension on the horizon.

Of course, the housing market boom over the last year that was fueled by the stamp duty holiday has been a great success for the housing market, and although initial fears of sales falling through at the final hurdle has been pushed through the media for sensationalism, the government has suddenly felt the pressure to address the situation and prevent a distressing period for movers and businesses throughout the market.

Next Stop

What this means for those looking for buying a property advice or those looking for movement on how to sell a house is that care and consideration for action are being addressed and pushed by both Labour and Conservative parties to continue this boom period and allow everyone to achieve their purchases of homes in this long-winded and ongoing period.

For those looking for homes in the Stockport borough and wanting to sell properties throughout the area, contact the team at Joules estate agents, your number one independent choice for quality homes, advice and every stamp duty update.