JLPM: Extension of stamp duty holiday vital to housing market

Jessica Nangle

November 3, 2020

stamp duty
James Leigh Property Management (JLPM) has called on the government to commit to keeping the property market open during the latest lockdown, suggesting that the consequences not only for homeowners caught in a chain, but the whole supply chain could be “dire”.

Central to keeping house sales moving is the extension of the stamp duty holiday according to JLPM, due to end in March 2021.

Robert Burdett, managing director at Essex-based JLPM, said: “As an industry, the housing market has bounced back well from the first lockdown with a surge in sales, but it is still fragile and businesses in the supply chain could disappear if the industry isn’t kept open during the latest lockdown.”

“If businesses are lost during this lockdown, and the Government isn’t 100% clear on what the plan is, the whole housing market could be impacted, and that knock on could affect construction, and all of the ancillary sectors that support the housing market.”

Burdett has written to local MPs Bernard Jenkin MP and Will Quince MP outlining his concerns for the housing market during this latest lockdown, including the commitment to continue on-site valuations and surveys that are currently being carried out according to COVID-secure rules.

Key among the requests is the Stamp Duty holiday extension.

Burdett added: “Whilst the end of the stamp duty holiday may seem a long way off, practically speaking this will impact the housing market from January.

“And if viewings are stalled in November the time that people have to find their next home and go through all of the necessary stages will be shortened.

“It’s critical that the government looks at these measures now and is proactive in supporting the housing market, rather than reacting to problems as they arise.

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