The media has been awash with Stamp Duty extension headlines this week and I suspect they will show no signs of stopping as we head into the weekend editions of the broadsheets and tabloids.
It began with the triggering of the debate due to a petition passing the critical 100,000 threshold.
Technically, this means that the issue should be debated in the Commons.
The media piled in with pundits on both sides of the fence, as well as those sitting firmly on top of it to debate the merits of the extension. Would it free up the market? Will failing to extend it bring it to a juddering halt? Is there already too much pressure on the system?
However, once again, the Pandemic had a trick up its sleeve that few saw coming because the leader of the House of Commons (Jacob Rees-Mogg), has temporarily suspended debates in Westminster Hall where petitions debates take place.
It has been suspended until further notice, due to the Covid-19 outbreak meaning that the stamp duty holiday extension may now not now be debated at all.
Indeed, some 33 petitions, including the stamp duty holiday one that seeks for an additional six months after 31st March 2021, are currently waiting for debate.
All holidays must come to an end but...
Without having recourse to a crystal ball, here’s how we see the issue.
Unfortunately a lot of property transaction pipelines are overwhelmed to the point of near paralysis. The incentive has always been termed a "holiday" and so unfortunately, like all holidays, it must come to an end.
However, given the clear and obvious impact of the pandemic in service levels across the industry in the last 10 months, perhaps a phased withdrawal rather than a cliff edge (which coincides with the Help To Buy cliff edge by the way) may be a more considered outcome?
Here’s a suggestion..
Why not keep the end date as 31st March but agree that everyone with a purchase agreed by, for example, 15th January, can benefit from the holiday, provided they complete by 31st May?
That's just an example, but it would ease the pressure on transactions already in the pipeline and may also stop any more wishful thinkers from trying to join the queue at this late stage.