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Stamp Duty holiday set to be extended to June in next week s budget
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A spokesman for The Treasury has said they could not speculate on tax ahead of fiscal events.
David Hannah, founder and principal consultant of Cornerstone Tax, said: “This news is big a win for the property industry and home buyers, especially given that without it thousands of purchases could fall through and many will pause their plans to buy houses as our research shows.
“The approaching end of the stamp duty holiday is already having a profound effect on the property market, sale collapses are approaching record highs and solicitors and conveyancers are already reporting that they expect to see a considerable drop in demand very soon.
Extending the stamp duty holiday by six weeks would save home buyers in England a further £1billion, according to new predictions.
Pushing the cut-off date back from 31 March to mid-May would mean that between 120,000 and 160,000 additional property sales would be able to complete and save up to £15,000 on their stamp duty bill, Rightmove has said.
If transactions reached the higher estimate, it claimed his would save buyers a collective £1billion.
Selling fast: Buyers currently need to complete by 31 March to benefit from stamp duty holiday
The projection is based on the number of property transactions that completed each month in England between September and December last year, according to data from HMRC.
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