An extension to the stamp duty holiday would alleviate pressure and prevent deals from falling through at the last minute, according to Nisha Vaidya, mortgage expert at Bankrate UK.
Vaidya also explained that an extension would give homemovers the time and space to properly consider all aspects of a deal.
In addition, extending the deadline would assist the property industry in coping with the current high levels of demand.
Vaidya said: “With the stamp duty holiday due to expire on 31 March 2021, and with home buyers struggling to get deals over the line due to high demand, property industry professionals have urged the government to extend the deadline by at least six months.”
The stamp duty holiday has been attributed to the house-buying activity this year. Vaidya also pointed to the national lockdowns as a key motivator behind buyers looking to more rural areas to purchase property in order to get more space.
As a result, properties in rural areas, and the north of England have noticed an uptick in demand.
Vaidya added: “The increase in property sales has caused a surge in demand at all points in the sales process as buyers push to get into their new homes before the stamp duty deadline ends in March.”