We all know that an extension can be one of the most effective ways to add value to your home but to an entire housing market, that is quite the trick!
However, it appears to be one that the Chancellor has had up his sleeve, as rumours of an extension to the Stamp Duty holiday grow.
Earlier in February, the media was awash with stories of how the impending Stamp Duty Holiday deadline was leading to the collapse of house sales.
There was pressure from various stakeholders to extend the deadline or perhaps even to phase it out gradually, so as to keep the market moving.
Indeed, Rightmove reported that 29% of proposed purchases collapsed across Britain during January, which is something that had seemingly continued at an escalating rate month-on-month, as the holiday deadline of 31st March loomed.
Well, this morning, (Wednesday 24th February) that all changed.
Or so it seems for now anyway.
The Times’ front page led the charge, reporting “Stamp duty holiday will be extended by months’ as ‘Sunak plans boost for property market’.
The paper reports an extension of three months, and adds that “The chancellor has faced pressure to extend the deadline amid concerns that it would create a “cliff-edge”, jeopardising hundreds of thousands of sales.”
Whilst at the time of writing nothing has been confirmed officially, there’s no doubt that the extension will create huge peace of mind for those homeowners already in the process of a sale or purchase, with budgeting somewhat easier to plan for.
What the extension does for those homeowners or buyers who were playing the waiting game remains to be seen.