Last week my colleague Dale conducted a LinkedIn poll to gauge what conveyancers think about the impending end to the Stamp Duty Holiday in England. The results were as follows;
Having spoken to both our existing customers and other conveyancers we had heard both opinions both ways.
However, as seen from the poll the vast majority of voters think it should be extended to keep the market moving. Maybe not that surprising, after all, conveyancers operate a business and many fear there could be a sharp drop off in transactions come April. A drop-off that would impact their business.
What stood out to me is that very few people choose the reason that they were struggling to complete. Some of this is likely attributable to the fact that every person could only choose one option, choosing a thriving market over shorter term concerns.
We also see that the current rush has been very demanding on the people working in conveyancing firms. At InTouch we can see this in our usage statistics with more people being active on weekends and evenings than normal. This could be viewed as troublesome and firms should ensure that this pressure doesn’t have negative impacts on their staff.
Where to next?
Earlier this week parliament debated the issue, but without any clarity on what will happen, for that we seem to have to wait for the Budget.
A summary of the possible options, as expertly written up by Rob Hailstone over at Bold Legal Group who watched the debate stated;
“The six possibilities seem to be:
- Move the 31st March deadline to a later date
- Provide relief on properties already so far along the process (i.e. those with a mortgage offer on or before a certain date)
- Taper off relief over a period of months
- Keep the threshold at £500k permanently
- Leave as is (end of March cliff edge)
- Scrap SDLT completely (not going to happen at this moment in time)”
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For more on the parlamentary debate see; https://www.todaysconveyancer.co.uk/main-news/mps-support-sdlt-extension-parliamentary-debate/