Walton Robinson, the Newcastle-based property agent, is reassuring buyers and sellers there won’t be the cliff edge many fear if the stamp duty holiday isn’t extended beyond March 31st.
Ahead of the parliamentary debate on a stamp duty holiday extension on 1st February, Walton Robinson is urging buyers and sellers not to panic should the government choose not to extend it.
With the deadline fast approaching, many buyers and sellers in the market are worrying about sales collapsing and have signed a petition on the UK government’s website calling for the current stamp duty holiday to be extended until September 2021. The petition has secured more than 127,000 signatures – enough for it to be considered for debate in parliament.
Although debates in Westminster Hall have temporarily been suspended, MPs will discuss the online stamp duty petition via a virtual 90-minute debate next Monday, with the session, which starts at 4:30pm, being broadcast live on Parliament TV and on YouTube.
Richard Ponton, Investment Director at Walton Robinson, said: “Although an extension to the current stamp duty holiday would be welcome news to many, I don’t think an end to it would be the chaotic cliff-edge that some suggest.
“The property market has remained remarkably buoyant in 2020 and in January, but agents can’t afford to take their foot off the gas otherwise the market is likely to stall.
“I understand many buyers and sellers are nervous at the thought of sales collapsing, but we are confident the vast majority will go through as planned without any major hiccup. It will take time and cool heads, but with a willing buyer and willing seller, I would expect agents to be able to preserve the majority of their sales pipelines.”