Pressure and Stamp Duty
It’s my view that the mortgage market is under extreme pressure, despite remaining open during the third national lockdown, due to the high volume of buyer applications, who are all attempting to complete before the stamp duty deadline.
The housing market has been really buoyant in the back-end of 2020, but I think it’s clear now that some buyers are not going to complete in time, and if they exceed the deadline set on 31 March they will be liable to pay Stamp Duty Land Tax. Given the imposition of the new lockdown, this is likely to cause even more trouble for some buyers to get it all done in the next 83 days.
Many people are calling for the government to consider extending the stamp duty deadline immediately, and many others are suggesting that without it, the housing market could flounder during the course of the next 12 months. Let’s wait and see what happens, but the calls are getting louder…