First-time Buyer
Thousands sign petition calling for stamp duty holiday extension
Nearly 15,000 people have signed a petition calling to extend the stamp duty holiday for a further six months to help homebuyers in the process.
The petition on the official parliament portal has attracted 14,800 signatures since being posted in October.
It is calling for a six-month extension to the stamp duty holiday which is set to end on 31 March 2021.
The petition states: “Extending the stamp duty holiday for an additional six-months will assist many buyers who are looking to move to a property that they will not be able to afford otherwise. This will help to stabilise the housing market.”
It comes as the petition’s creator revealed they are looking to move into a new build scheduled to complete at the start of March 2021.
“If this build is delayed past 31 March 2021 then I will not be able to afford the stamp duty so will not be able to afford the house,” he wrote.
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As the petition has attracted over 10,000 signatures, it will trigger a government response.
Under the stamp duty holiday changes announced in July, homebuyers in England and Northern Ireland do not pay any tax on homes up to £500,000 until 31 March 2021. This applies whether you are buying your first home or have owned property before.
The average stamp duty saving is estimated at £4,500, with an expected nine out of ten buyers this year now paying no stamp duty at all on purchases. It was set to cost the exchequer £3.8bn, documents revealed.