Should the government extend Stamp Duty holiday?
Pressure is mounting on the UK government Chancellor Rishi Sunak to extend the stamp duty holiday in order to avoid thousands of property purchases falling out of bed because they cannot meet the 31 March deadline.
· Experts warn thousands of property transactions will run out of time and collapse
· Thousands of Mortgages approved on the basis that no stamp duty is payable
· Tens of thousands will miss the 31 March stamp duty holiday deadline
· Borrowers could have to find up to £15,000 more to fund their purchase
· Lenders were may withdraw mortgage offers, causing thousands of transactions to collapse
· Not enough man power in the market to get these transactions through before 31 March 2021
· Mortgage processing delays, shortage of surveyors and solicitors available to complete legal work
· Bank of England figures published this morning reveal a spike mortgages approved in October
· Mortgages up 5.9% on previous month to 97,532 and 51% up on the same period last year.
· HMRC figures showed housing transactions hit 105,630 last month, up 9.8% on September 2020
· Mortgage lenders hiking rates amid the scramble taking advantage of borrowers’ panic
Anthony Codling of property analysis firm Twindig said: 'The average rate for a new 95 per cent....
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