Stamp duty extension petition passes 10,000 mark

Original Source: https://propertyindustryeye.com/stamp-duty-extension-petition-passes-10000-mark/

Author: MARC DA SILVA

A petition calling for the government to extend the stamp duty holiday until September 2021 has attracted more than 10,000 signatures.

The petition, which was started a month ago by an individual who is looking to buy a new property, has proved popular with buyers and sellers, as well as agents, conveyancing solicitors, mortgage lenders and surveyors.

Jonathan Steel is looking to move into a new build property which is currently due to complete at the start of March 2021. But if the build is delayed past 31 March 2021 then he will not benefit from the stamp duty holiday, and this is what prompted him to launch an official petition calling for the stamp duty holiday to be extended.

“I will not be able to afford the stamp duty so will not be able to afford the house,” he said.

Reaching 10,000 signatures means the government must now respond to Steel’s petition.

The chancellor Rishi Sunak is under increasing pressure to extend the stamp duty holiday beyond 31 March, amid concerns that thousands of buyers could fail to complete before the deadline.

Delays are holding up homebuyers as a post-lockdown surge in demand has placed extra pressure on conveyancing solicitors, mortgage lenders and surveyors to push through purchases.

It is estimated that 325,000 buyers with sales agreed between September and January may fail to complete before the end of the stamp duty holiday on 31 March.

Industry leaders have sent a joint letter the chancellor requesting that the stamp duty holiday is extended by six months.

Petitions posted on Westminster’s official petition.parliament.uk site are considered for a debate in parliament if they accrue more than 100,000 signatures.