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The Stamp Duty Holiday was implemented by the Chancellor Rishi Sunak as a way of offering a financial helping hand amid the COVID-19 pandemic. Usually, the Stamp Duty Land Tax (SDLT) is applicable in England and Northern Ireland, and must be paid on property or land which is over a particular price. To alleviate a financial challenge for homebuyers, Mr Sunak has set the threshold at £500,000, but only until March 31, 2021.
Mortgage industry bodies issue stamp duty deadline warning
By Gary Adams 18
th December 2020 10:15 am
Both the Intermediary Mortgage Lenders Association and the Association of Mortgage Intermediaries have raised concerns over the stamp duty holiday deadline, saying that it could lead to a “widespread collapse in property chains.”
They say that the home buying market is reaching a “critical stage” and that it is likely that, within an already congested market, many cases in the pipeline will not complete before the 31 March deadline through no fault on the buyers’ part.
Imla and Ami have warned the treasury that a hard deadline could force buyers to withdraw, prompting a collapse in property chains.
I checked with two reinsurers who confirmed IP sales are, in fact, 63 per cent higher than they were this time 10 years ago. If I put £10,000 in an Isa and was sitting on £16,300 a decade later, I wouldn’t say nothing had changed.
Sales isn’t the only way to measure a market, though, especially in protection. Two other important areas are claims and support services, both of which have improved significantly over the last decade, not to mention numerous product improvements by a range of insurers. And short-term IP, too, which has improved take up and didn’t really exist a decade ago in the advice sector.