NAEA Propertymark comments following publication of industry letter to Chancellor on stamp duty

Mark Hayward, Chief Executive of NAEA Propertymark, comments following the publication of the industry letter to the Chancellor on stamp duty.

“The joint letter sent to the Chancellor today is an important step in protecting those in the process of buying or selling a house that might miss out on the 31^st March stamp duty deadline because of increased pressure on service providers within the industry which is causing delays for buyers and sellers in the sector. The group endorsing this letter represents the breadth of the home moving process including estate agents, search agents, mortgage intermediaries, conveyancing, surveying, energy assessors and removal companies.

“The boom, caused by the stamp duty holiday, has been hugely beneficial for the housing market; however, the stamp duty cliff edge on the 31^st March could cause thousands of sales to fall at the final hurdle and have a knock on and drastic effect on the housing market which has recovered well from the Covid slump. We are calling on Government to rethink these timings, so pressure on the system can be released to allow transactions to complete and avoid a disorderly and distressing period for movers and businesses throughout the market.”

Kindly shared by NAEA Propertymark