The UK Parliament will debate an extension of the Stamp Duty Holiday, after a petition calling for an additional six months has achieved over 130,000 signatures.

The current Stamp Duty Holiday is due to end on 31st March 2021 and, since July last year, has provided buyers with significant savings on their property purchase. An extension of this would offer a much needed lifeline for people who are shielding, allowing them to wait until they can, quite literally, afford to move home safely. The debate has also been welcomed by buyers who otherwise would not be able to afford their property purchase.

Very few first time buyers in Leeds are affected by this however, as they pay no Stamp Duty up to £300,000. At £500,000 families are able to save £15,000 with the holiday, and many have sold their property and agreed to buy another on the basis they will make this saving. With delays in the house moving process due to Covid, we are forecasting a number of existing sales agreed will now miss the deadline unless an extension to the holiday is granted.

The Government stated last month that they do not plan to extend the Stamp Duty Holiday as it was designed as a temporary relief. Although, with growing pressure from the housing market, it’s uncertain whether the Government will maintain this view.

The virtual 90 minute debate will be broadcast live on the UK Parliament YouTube channel and ParliamentTV at 4:30pm on Monday 1st February.

Read more about the Stamp Duty Holiday and how it affects buyers in Director Michael Moore’s blog post here.