Rishi Sunak considering six week SDLT extension

Jake Carter

February 15, 2021

Chancellor Rishi Sunak (pictured) is considering extending the stamp duty holiday deadline by six weeks.

Sunak is debating a limited extension through to mid-May in order to prevent homebuyers getting caught in a “completion trap”.

Speaking to the Daily Telegraph, Sunak said: “A lot of people would be caught in the completion trap if the holiday were to end when it is due to.”

Miles Robinson, head of mortgages at Trussle, said: “The news that the Chancellor of the Exchequer, Rishi Sunak, is considering a six-week extension to the stamp duty holiday offers a glimmer of hope to buyers racing to beat the current deadline of 31 March.”

As a result of the holiday, Trussle outlined that it has seen a 63% increase in mortgage applications in December and a 15% increase in January year-on-year.

Robinson said: “However, the surge in demand has triggered long delays in the processing of transactions.

“It currently takes 134 days to complete on a property in the UK and it’s been reported that one in five buyers are facing more than a six-month wait for completion.”

Therefore, Robinson believes that a potential six-week extension could prove invaluable to the estimated 100,000 property purchases currently underway.

He added: “As the wider economy continues to recover from the coronavirus pandemic, we’d urge the government to consider granting a longer extension or adopting a tapered approach to ending the stamp duty holiday.”

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