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Royston - Should The Stamp Duty Holiday Be Extended?

November 23rd 2020
By: Thomas Morris
Royston - Should The Stamp Duty Holiday Be Extended?

The demand for homes is high right now, and it is positive to see so many people and households responding to the stamp duty holiday.

At Thomas Morris, we have a number of branches across the country, so we know what the demand for homes is across England. In Royston, we have worked with many vendors and buyers recently, and if you are looking for assistance, we are here to help.

Some experts are calling for an extension of the stamp duty holiday

One of the reasons there is so much activity right now is because there is a deadline to the stamp duty savings. Currently, the savings stop on 31st March 2021. If you don’t conclude your property deal on or before that date, you won’t be eligible for the stamp duty saving.

This might be the difference between buying a home or not, so it is vital people understand the importance of concluding their property transaction as soon as possible.

However, it should be noted the level of demand for property has created a backlog in the industry. Some buyers run the risk of not receiving a discount, which is why leading bodies are calling for an extension to the stamp duty holiday.

A lot of work is involved with buying or selling property

While the level of demand is causing a problem, the need for work to be completed by outside parties is an issue too. Rob Hailstone is the founder of the Bold Legal Group (BLG) has discussed this issue.

Rob said; “It is not just the demand side that is creating a challenge to the conveyancing profession, but also the dependence on outside parties to progress transactions. Covid-19 restrictions mean that many local authorities are operating under extreme difficulties and this has affected their ability to supply their own searches and also to provide access to data for personal search companies. In addition, many mortgage lenders are experiencing delays in supplying offer letters and the valuer profession is also under extreme pressure.”

Lloyd Davies is the Operations Director at the Conveyancing Association, and he said; “Being able to plan for the current market circumstances has been an enormous challenge. The impact of Covid-19 created a vacuum of activity which has been followed by a tidal wave of property instructions. Not surprisingly during lockdown, most law firms furloughed many of their staff and indeed there were some redundancies. As the lockdown restrictions were lifted, firms were faced with the challenge of making work places Covid secure which inevitably meant that fewer employees could be accommodated at their place of work.”

Lloyd continued by saying; “The challenge then has been to choreograph home working alongside those back in the office with all the challenges that brings. Whilst firms have performed wonders in making such arrangements work it is inevitable that maintaining productivity is a real challenge, and of course allowance has to be made for the fact that unfortunately some employees have been affected by the disease.”

At Thomas Morris, we appreciate how important it is to plan a house move carefully, but equally, there is a need to move quickly”, said Thomas Morris Royston Branch Robert Arnold. “Buyers and vendors cannot rely on the stamp duty holiday being extended, so if you plan on moving in the next few months, please get in touch with us sooner rather than later.”

If you are looking for help with any matter of the property market, it is best to speak to property professionals. You can book a sales or rental valuation appointment directly on line at a time and date of your choice by clicking here or alternatively or you can phone our Royston branch on 01763 243331.