Hope Capital comment on Budget announcement - stamp duty holiday extension positive news for housing market

Commenting on the announcement in the Budget by the Chancellor that the stamp duty holiday is set to be extended, Gary Bailey, managing director at specialist lender Hope Capital, said: “This is really positive news not only for current cases hoping to meet the deadline at the end of March, but for new customers as well, as they should be confident in making their purchase before the end of June.

“This will relieve some pressure on the housing market which has been in danger of overheating in recent months, but it will still be a busy period in the run up to the end of the holiday which is now set for June 30.

“But it’s important that people are mindful that the threshold will drop to £250,000 in July, and then further in September to £125,000. So now is the time to consider specialist forms of lending such as short-term and bridging loans, which can enable a much quicker turnaround on a property purchase than a typical high street lender.

“The housing market is one of the key drivers of the economy and with this announcement the Chancellor is ensuring there is a clear way out of this current crisis and providing hope for thousands more homebuyers.”

Published: 04 March 2021