#Budget2021 Stamp Duty holiday extended by Sunak

by | Mar 3, 2021

Share this article

Rob Barnard, Director of Intermediaries at Masthaven, comments on the decision to extend the Stamp Duty holiday until June: 

 

“Today’s confirmation that the Stamp Duty holiday will be extended to June will come as a relief to many borrowers. The fast-approaching March deadline had created a bottleneck as many buyers rushed to complete purchases, resulting in nail-biting delays. 

 
 

 

The original purpose of the tax holiday was to stimulate activity in the market, which had been hit hard by a total shutdown and uncertainty at the start of the pandemic. Clearly, the policy has certainly done what it set out to do and the property market has been a key part of the UK’s economic recovery from the shock it received last year. This extension will continue to fuel activity in the market and help compensate for any reduced activity caused by lockdown restrictions or economic uncertainty. 

 

 
 

The pandemic isn’t over, however, and it’s vital that even post-Junewhen normal life begins to slowly resume, that the government continues to support borrowersThe fallout of this pandemic will be felt for years to come and after the end of the Stamp Duty holiday we may begin to see its true effect on the property market. Covid has affected the financial circumstances of almost everyone in the UK, so the government, lenders and mortgage brokers will need to work together to ensure borrowers have access to the financial options that are right for them.”     

 

Share this article

Related articles

IFAM 127 | Not if, but when | April 2024

IFAM 127 | Not if, but when | April 2024

Not if, but when… Spring finally seems to have arrived! Since our last edition, we have had the Spring Budget and the Bank of England (BoE) rate announcement to name but a few important landmarks. This has kept us, like all of you I am sure, quite busy over the last...

Sign up to the IFA Magazine Newsletter

Trending articles

IFA Talk logo

IFA Talk is our flagship podcast, that fits perfectly into your busy life, bringing the latest insight, analysis, news and interviews to you, wherever you are.

IFA Talk Podcast - listen to the latest episode

x