With the Chancellor’s budget statement today announcing a further extension to September of the Stamp Duty Land Tax (SDLT) holiday, Ochresoft’s managing director, Rob Gurney provides his views on the impact this is likely to have in the property law industry:
“When the SDLT holiday was first introduced, it created a rush in demand that led to the volume of properties sold subject to contract 51% higher in September 2020, compared to the previous year, according to Landmark’s Property Trends Report data. Conveyancers have battened down the hatches with the resolve to get as many clients as possible completed ahead of the deadline, and have done an incredible job in very challenging circumstances.
“Today’s announcement of a further three month extension at the current rate followed by a drop to the £250k threshold for an additional three months will be met with mixed emotions: either relief from homebuyers previously worried about their transaction completing ahead of the original deadline, or trepidation for those working behind the scenes, knowing that their herculean efforts may now have to continue until the end of September.
“As a leading provider of legal workflow software for property and private client lawyers, we feel that whilst today’s announcement may help keep the property market buoyant throughout the summer months, moving the deadline back to the end of June – and then September – will extend the tough conditions for conveyancing professionals, knowing that new batches of home-movers will be as equally determined to complete by the new respective deadlines.”
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