Half of brokers expect deals to miss stamp duty deadline – Shawbrook

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  • 04/02/2021
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Half of brokers expect deals to miss stamp duty deadline – Shawbrook
More than half of commercial brokers have said they anticipate transactions will miss the 31 March stamp duty deadline in a survey carried out by Shawbrook Bank.

 

A further two-fifths expect investment to reduce and a third are braced for falling property prices.

Perhaps it’s unsurprising, therefore, that three quarters of brokers think the tax break should be extended past March, according to the poll.

Advisers surveyed said the temporary holiday had increased investment in the property market, while a third thought it had created resilient property prices.

The overwhelming majority of brokers supported the initiative when it was unveiled by chancellor Rishi Sunak in July 2020.

Emma Cox, sales director of property finance at Shawbrook Bank (pictured), said: “The announcement of the stamp duty holiday in the summer last year has no doubt had a hand in helping to release pent up demand and get the housing market moving again.

“As investors seek to make the most of the holiday ahead of the deadline, it is understandable that brokers are reporting these positive outcomes as a result.

“At Shawbrook we are aware that there are still brokers who will be facing challenges, and that the next few months are likely to be busy for many.

“Our teams are prepared to deal with an increase in activity, but we recommend applications that seek to take advantage of the holiday are submitted as soon as possible.”

 

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