Prime Minister’s old workplace launches the campaign called, ‘Stamp out the Duty,’ today.
The Daily Telegraph, the old workplace of Boris Johnson and considered a strong influence on the current government, is ‘calling on the Treasury to avoid penalising thousands of homebuyers at a time when mortgage lenders are already demanding vast deposits and household finances have been battered by the pandemic.’
The campaign’s aim is to help out buyers about to be ‘caught out’ by a transaction process that now takes an average of 20 weeks compared to just 12 weeks a year ago. In fact, the newspaper suggests Chancellor Rishi Sunak should consider scrapping SDLT on homes completely.
A survey of 1,000 current buyers shows 48 per cent of buyers are worried that their sale won’t complete before March 31st, and 67 per cent would like to see the deadline extended. Mortgage broker, Enness Global, says those buyers yet to complete due to COVID-19 delays may be panicking, having had an offer accepted well in advance of the deadline.
An online petition calling for an extension is continuing to draw significant numbers of signatures. It is now approaching 73,000 and if it gets to 100,000 the government will be obliged to consider holding a debate on the subject. The petition can be found here – https://petition.parliament.uk/petitions/550545
There are several options on the table regarding the Stamp Duty Holiday including extending it by three to six months and letting anyone with a sale agreed before the 31st March take advantage regardless of how long the process takes.
Either way, with the stamp duty deadline approaching, pressure is being put on the chancellor and the government to look at the stamp duty holiday and the possibility of extending it due to the delays in the current process.