Clarity needed on stamp duty holiday
Clarity is needed on the stamp duty holiday, according to Bryan Mansell co-founder of Gazeal.
Mansell said: “The Chancellor’s spending review inevitably focused on funding for public services in light of the COVID-19 pandemic.
“The property industry will have been calling out for updates on the stamp duty holiday, but will be pleased to see a funding announcement on how the government intends to rectify the UK’s housing shortage.”
Mansell believes that an extension to, or gradual tapering of the stamp duty holiday would help to ensure that consumers do not miss out on significant tax savings, and the pressure on property professionals would be reduced.
He said: “Extra breathing space would also help the industry to work through a huge backlog of transactions built up in recent months.”
In addition, Mansell outlined that an extension to the stamp duty holiday would help to stimulate the housing market throughout 2021 when it will be up against tough economic conditions.
Mansell continued: “Further stamp duty measures could also help to avoid a sharp drop-off of property supply and demand in April.
“Whether or not the government intends to extend the tax break beyond next March, a decision needs to be made public soon so that estate agents, conveyancers and consumers can prepare for what is ahead.”