British Finance Minister Rishi Sunak is prepared to extend the stamp duty holiday by three months till June 2021 end. This extension would bolster housing activity in the real estate industry as Prime Minister Boris Johnson had unveiled the plan of lifting Covid-19 restrictions.
Gradually, the country would emerge out of lockdowns.
The extension of this policy could cost the government approximately 1 billion pounds. It was recently estimated that around 100,000 people might face an unexpected stamp duty bill due to deferred home buying and selling process because of maintaining social distancing measures. On the contrary, many industry experts believed that extending the stamp duty holiday would have the same cliff-edge scenario as buyers would desperately seek for completing the sale process but could end up facing delays because of conveyancing issues.