The UK’s booming housing market looks set to slow sharply next year if the stamp duty holiday is not extended, risking a damaging downturn, the government has been repeatedly told.
Estate agents, surveyors and solicitors have been lobbying the government to extend the stamp duty holiday by a further six months, as buyers rush to beat the 31 March deadline.
A letter has already been sent to the government with the backing of several industries bodies and major players in the industry citing the reasons why the extension would benefit the industry, the economy and most importantly people in the process of purchasing a property.
But it has new been suggested by that the government should make the stamp duty cut permanent.
Benjamin Dyer, CEO of Powered Now, said: “With the scheme coming to an end on March 31st we would encourage the government to make this stamp duty cut permanent.
“You could argue, as many have, this cut has created a sugar rush. An artificial spiking the market simply didn’t need as it was always going to explode post lockdown. In a word, this is rubbish. The truth is, this is money that is being reinvested into property and ultimately back into the economy.
“Homeowners are not making a saving; they are either stepping up or improving with everyone winning. The boom in the market has caused 950,000 small trade companies to not only ride the storm but ultimately thrive, and because of this we hope that come 31st March, it continues.”