The temporary waiving of the stamp duty tax was introduced by chancellor Rishi Sunak in July 2020, and applies to the portion of any property sale under £500,000.
The holiday was set to end on 31 March. But now, it has been reported that the deadline will be extended for three months, taking it up until the end of June.
The Treasury has not confirmed anything yet, and it is likely buyers and sellers will have to wait until the Budget on 3 March for that confirmation. It also remains possible that it won't happen at all.
Russell-Cooke partner Donall Murphy comments in This Is Money that due to the 'bottleneck' effect created by the stamp duty holiday combined with general delays in conveyancing and surveying, an extension of the holiday may not guarantee that new buyers can take advantage of the 0% liability rate.
We've just agreed to sell our home and buy another, could we complete in time to benefit from a three-month stamp duty holiday extension? is free to read on the This Is Money website.
Donall is a partner in the conveyancing team.
He advises both buyers and sellers in relation to freehold and leasehold transactions, dealing with many high value properties in prime locations.