| UPDATED: 07:08, Mon, Jan 25, 2021
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A property expert has warned that there is a “big bottle neck” coming over the next few weeks. The stamp duty holiday is due to end on March 31 after Rishi Sunak enacted the tax break on July 8. The deadline is coming “hard and fast” and is pushing Britons to rush their transactions in order to save money.
STAMP DUTY could be scrapped, according to new reports, despite fears the SDLT holiday would come to an abrupt end on March 31. Campaigners and industry experts have been calling on Chancellor Rishi Sunak to extend the deadline in light of the most recent national lockdown.
Homes over this value will also see a reduced rate levied.
These changes were broadly welcomed but the support is due to end on March 31 2021, with the old rules being reinstated beyond this.
With this deadline approaching, many would-be homeowners will be keen to take action before it s too late and this could create a problem for consumers heading through 2021.
Gary Hemming, a Commercial Lending Director at ABC Finance, explained how difficulties could emerge: With the stamp duty holiday coming to an end on March 31st, there will be a lot of pressure to complete before the deadline.
Mortgages may be impacted as the stamp duty deadline approaches (Image: GETTY)