A petition launched in April for stamp duty to be triggered on the exchange of contracts has now gained over 10,000 signatures.
The government’s policy is to respond to all petitions that reach this level of support.
The petition was started by Chris Holland, an individual looking to take advantage of the existing stamp duty holiday that has proved popular with buyers and sellers, as well as agents, conveyancing solicitors, mortgage lenders and surveyors.
Chris Holland stated:
‘’ People are finding themselves becoming trapped in a scenario whereby house prices are much higher, and at the same time they will now miss out on the stamp duty holiday. People are being financially punished from both sides, this from a policy that was designed to do the exact opposite.
Exchanging contracts is exactly what it says. A contract, a legally binding agreement, to purchase a house often with an immediate 10% deposit being paid. So why shouldn’t you benefit from the stamp duty holiday being triggered at that moment of exchanging contracts, rather than at the point of completion? This will allow in particular new-build buyers, with continuous building delays due to COVID-19, to benefit from this policy.’’
Reaching 100,000 signatures will see it be debated in Parliament.
The stamp duty holiday was extended beyond the 31st of March 2021 deadline, amid concerns thousands of buyers could fail to complete by the deadline.
The current thresholds are:
- Until 30th June 2021, there will be no Stamp Duty up to £500,000 for first-time buyers.
- 1st July – 30th September 2021 the nil rate band will be £0-£250,000.
- October 2021 onwards will see the usual level £0-£125,000 nil rate band.
For more information about our property investment opportunities, please contact us.