Fall-throughs threat: Buyers will pull out if they miss stamp duty holiday deadline

A survey of people currently buying property suggests as many as a quarter may pull out if they know they’ll miss the stamp duty holiday deadline.

Moneysupermarket surveyed 2,000 buyers last month and 24 per cent said they would walk away from their potential purchase if completion takes them beyond March 31, when the holiday is scheduled to end.

Some 71 per cent of those responding say they want the deadline extended and over half – 57 per cent – say the reason they sold their existing home and began looking for a new property was to take advantage of the temporary tax break.

Buyers are expecting to spend an average of £347,000 on a new home and make an average stamp duty saving of £5,377. Londoners expect to spend the most on their new property – an average of £467,213 – and save an estimated £7,098.

The survey suggests that 24 to 35 year olds are most likely to take advantage of the holiday, while those aged 35 to 44 are the ones expected to spend most of their new property.

Moneysupermarket mortgages director, Emma Harvey, says:

“As our research shows, the stamp duty holiday has proven successful in attracting both buyers and sellers to the property market at this difficult time for the economy. It’s clear that many would like to see the scheme extended and we believe the government needs to put in place longer term support for the housing market.”

Kindly shared by Estate Agent Today

Main article photo courtesy of Pixabay