stamp duty extension

Six Week Extension on Stamp Duty?

Whilst there is doubt over the extension of six weeks to the stamp duty holiday deadline in preventing fall throughs, the good news has been that a solution has been forwarded and opens the potential for more to follow.

With a drive to extend the holiday to mid-May instead of March 31st as a first stop, this does allow for further sales to be completed but could result in would-be purchasers missing another deadline instead.  This has invoked an immediate response to now focus on a second deadline being potentially extended also, providing comforting news to the 100,000 buyers since before Christmas hoping to have their process completed.

Promising Outlook

With record amounts of buyers still working towards completion of the March 31st deadline, there are unending drives to protect the interests of those agreeing to purchases dating back to July 2020 when the stamp duty holiday came into effect.

Currently, buyer demand is ahead of this period in 2020 and key metrics are stronger for the first week in February compared to a year earlier. Purchases agreed are up by seven percent despite the stamp duty savings benefit, with the future sales pipeline looking especially strong from an eighteen percent enquiry rise from prospective buyers to estate agents.

The high buyer demand is currently outstripping new supply and aiding the edging up of prices despite the current economic environment challenges.

Asking Price Raises

Also, asking prices are on the increase following three falling months.

With a 0.5 percent rise on average property prices coming to market, the surge is not necessarily charged by the stamp duty holiday as new deals are not destined to meet the current March deadline. This has been fueled by a shortage of supply and a decline in new sellers coming to market, along with increased demand.

With last year’s lockdown playing a huge favour in interest in moving to bigger homes to suit their needs, 2021 could see the trend continue and interest be as high as buyer metrics point to being ahead of early 2020 figures.

With strong indication that buyer demand is not facing the cliff-edge of March 31st, those looking to buy property in Stockport look to continue to keep interested in the borough high for demand, from luxury apartments to larger housing needs.

For the latest buying a property advice, guidance on how to sell a house in the current climate and stamp duty extension updates, talk with the friendly team at Joules who are your local estate agents in Stockport and your family-run independent housing specialists.